New York Homeowners Insurance Rates

Get Top 10 Home Insurance Quotes Online

NY Home Insurance as Easy as 1-2-3

AS SEEN ON:

AS SEEN ON:

5-Star Reviews Across Review Sites

★★★★★

★★★★★

★★★★★

★★★★★

★★★★★

New York Homeowners Insurance

Get the Best Rate Quotes in Minutes

Learn More About Home Insurance in New York

Common Homeowners Insurance Discounts What is Insured Home Insurance Basics Types of Homeowners Insurance Policies Other Homeowners Insurance Coverages

Common Homeowners Insurance Discounts

What is Insured

Provides protection for the dwelling on an all risks basis up to the policy limits. The policy limit is set by the policy owner at the time the insurance is purchased. You can choose to insure your home and belongings for either replacement cost or actual cash value. The home should be insured for replacement cost. Replacement cost is the amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality, without deducting for depreciation. Depreciation is the decrease in home or property value from the time it was first built or purchased because of age or wear. Actual cash value is the amount it would take to repair or replace damage to your home after depreciation. Most insurers require homeowners to insure their homes for at least 80 percent of the replacement cost. If you insure for less than 80 percent of the replacement cost of your home, any loss payment from your insurance company will be subject to a coinsurance penalty. You may wish to insure at 100 percent of replacement cost so you will have sufficient coverage in the event of a total loss.

Home Insurance Basics

Primary Structure-Commonly referred to as “Dwelling Coverage”—This is simply your home or house and permanent attachments.

Provides protection for unattached structures such as tool sheds, detached garages, houses, and their contents. Coverage B is usually equal to 10 percent of the policy limit on Coverage A.

Provides protection for personal belongings. Items such as clothing, furniture, and standard electronics are covered. Some policies may include credit card theft and away from home theft. The policy limit on Coverage C is equal to 50 percent of the policy limit on Coverage A. Most standard home insurance policies cover the contents of your home on an actual cash value basis. Many insurers offer an option to insure your belongings at replacement cost. The premium will be higher for this coverage but may be worthwhile. Some forms of personal property, such as silverware, computers, guns, money, expensive antiques, and jewelry, have limited coverage under the homeowner’s policy and may be added to the policy as an endorsement.

If your home is damaged to the extent of being uninhabitable, this coverage will pay for the living expenses away from the home while repairs are being made. These expenses could include limited motel, restaurant, and warehouse storage. The policy limit to Coverage D is equal to 20 percent of the policy limit on Coverage A.

This coverage protects you against a claim or lawsuit resulting from bodily injury or property damage to others caused by your negligence. For example, your dog bites someone, your child breaks a window or a friend or stranger hits his or her head on something. This coverage applies to you and all family members who live with you. The amount of coverage is determined by the policy owner at the time the policy is issued.

Regardless of who is at fault, this coverage pays for the medical expenses for persons accidentally injured on your property.

Types of Homeowners Insurance Policies

There are two types of policies: All Risks and Named Perils.

A Named Perils policy covers losses that are due to only those perils listed in the policy. The perils typically covered include fire, windstorm, hail, and other direct physical losses. An All Risks policy covers losses that are due to any peril except those specifically excluded in the policy. It is important to note the all risks policy provides broader protection than do Named Perils policies.

The five types of homeowner packages offered to owners of single-family owner-occupied homes are HO-1, HO-2, HO-3, HO-3 with HO15 and HO-8.

Other Homeowners Insurance Coverages

HO-6 Condominium Unit Homeowner Covers items not insured by the condominium association’s policy, such as property damage to personal belongings, wall, floor and ceiling coverings, and any accessories not originally installed in the unit. An HO-6 policy is basically an HO-2 policy. It also provides additional coverage for personal property, loss of use, personal liability, and medical payments.

HO-4 Renter’s Coverage Insures your household contents and personal belongings against the named perils in HO-2 policy. It also provides coverage for additional living expenses and includes personal liability protection.

Optional Homeowners Insurance Coverages

You can purchase optional coverage to add to your policy. They are called endorsements or sometimes “floaters”. Some common endorsements include:

Homeowners Insurance & Hurricanes in New York

A standard homeowners insurance policy provides coverage for wind and hail damage, which are both risks associated with hurricanes. However, some policies use a separate deductible for claims due to hurricanes or named storms.

The structure of this deductible can vary, depending on the insurer. Many policies use percentage-based deductible. For example, a home with an insured value of $500,000 and a 2% hurricane deductible—otherwise known as a catastrophic windstorm deductible would have a $10,000 deductible. The deductible is the part of the claim you are responsible for, so be sure to review your deductible with your agent.

Depending on your insurance company and the way your policy reads, catastrophic windstorm deductibles have a “trigger” built into the language of the policy. Many policies trigger with a Category 1 hurricane, while other policies have a Category 2 hurricane trigger—and some policies require certain millibar or storm surges requirements to be met for a hurricane deductible to be triggered. Be sure to review your policy language and deductible triggers with your agent.

Floods and storm surges are also common with hurricanes or powerful storms. The Insurance Information Institute estimates nearly 77,000 homes in New York are at risk from storm surge even with a less powerful Category 1 hurricane. Category 2 and 3 storms put hundreds of thousands more NY homes at risk for surge flooding.

Every home insurance policy has exclusions, which are risks the policy doesn’t cover. A standard homeowners insurance policy excludes coverage for floods, largely because flood claims can be difficult to predict. Fortunately, you have options. Many NY homeowners choose to add flood coverage with a National Flood Insurance Program (NFIP) policy. A growing number of private market insurers also offer coverage as well, helping to keep costs more affordable.

Flood insurance in New York state

Flood insurance is available as a standalone policy or as part of a complete homeowners insurance package. However, a homeowners insurance policy by itself can’t address potential flood risks. Rising water that enters your home or storm surge damage aren’t covered by a standard homeowners insurance policy.

For years, FEMA’s National Flood Insurance Program was the solution for most NY homeowners who needed flood coverage. Recently, however, several private market insurers began to offer competing policies, providing more options to homeowners in at-risk areas.

An NFIP policy provides coverage for both your home and your belongings with coverage as follows:

● Up to $250,000 structural coverage ● Up to $100,000 personal property coverage

Some private market policies parallel the coverage provided by an NFIP policy, while others offer higher coverage limits, a must-have for more expensive homes . In some cases, you can also use a private market policy paired with a base policy to raise your coverage limits and reduce your financial risk.

A Category 1 storm creates a risk of over $30 billion in damage to homes within the Empire State according to the Insurance Information Institute. However, rain happens everywhere and FEMA also reports that more than 20% of claims come from areas not designated as high risk . Flood insurance can be a wise investment even if your home isn’t on New York’s coastline.

Shopping for the best  home insurance premiums?  Buying a new home, a secondary home or an investment property and need affordable homeowners or  flood insurance ?  We make finding competitive insurance rates a snap!  Let our companies earn your business.  Fill out our no-obligation, hassle-free form.

Helpful Home Insurance Articles

Insurance Market Tightens Amid Higher Claims and Regulation

Florida and California steal the headlines with seasonal hurricane and wildfire losses, but across the nation, insurers are tightening underwriting standards. In some cases, insurers are pulling out of certain zip codes or states altogether. It seems...

How Does Inflation Impact My Homeowners Insurance?

The recent spike in inflation affects nearly every aspect of life, including insurance costs. But inflation can also affect how well your home is protected against common losses, such as fires, burst pipes, and other risks covered by a standard home insurance...

High-Value Home Insurance vs. Standard Home Insurance

For homes with a rebuild value of $1 million or more, you can choose a high-value home insurance policy instead of standard home insurance. The choice of a high-value home policy brings many compelling advantages, ranging from broader liability insurance coverage...

Coastal Insurance Solutions

333 Route 25A Suite 150 Rocky Point, NY 11778

Phone: (631) 782-3175 service@coastalinsurancesolution.com

Copyright © 2024 Coastal Insurance Solutions