New York Homeowners Insurance
Homeowners Insurance in New York: Complete Consumer Guide
Do you live in upstate New York or one of the boroughs in New York City? If you’re a homeowner or plan to become one in this state, there are some interesting facts you should know. When The New York Times moved to what was then called Longacre Square, it was renamed Times Square. More than eight million people live in New York City, and more Chinese people live in New York City outside any other city, except in China. More Jewish people live here outside of Israel. More than 800 languages are spoken in New York City, which was once the capital of the country. The Statue of Liberty on Ellis Island was a gift from France for America’s centennial celebration. The largest gold storage in the world ($90 billion worth!) is in New York City’s Federal Reserve Bank, in a vault 80 feet below street level. The New York Public Library is the second largest library system in the nation, the third-largest in the world.
Types of policy for Homeowners Insurance in New York
Different homes need different homeowners insurance policies. Here are the most common types.
HO-1 The “basic form” covers the 10 most common perils. Some insurers do not offer HO-1 forms.
HO-2 This “broad form” provides limited coverage, but more than the HO-1 basic form.
HO-3 This is the most commonly purchased type of home insurance. It offers coverage for named perils and personal property. Your insurer will pay to repair or replace belongings caused by covered perils, 16 of which are covered by this type of policy, including fire and smoke; lightning strikes; windstorm and hail; explosions; vandalism and malicious mischief; damage from an aircraft, car or vehicle; theft; falling objects; the weight of ice, snow or sleet; and water damage.
HO-6 This is for condominium units. This is usually “walls-in” coverage and may protect the unit’s walls, floors and ceilings against 16 perils. It also includes coverage for the condo owner’s belongings.
HO-8 This form is for older homes and covers 10 perils. It is paid on an actual cash value basis, so it’s the cost of the items minus depreciation.
What factors affect rates on homeowners insurance in New York?
Many factors play into how you’re rated for homeowners insurance. The construction materials/type your home is made of is a big factor and so are other things, like how much it will cost to rebuild the house and replace all your belongings. Whether or not you have a swimming pool or other dangerous extras, like trampolines, will affect your rate. Do you have a dog? Since you’re liable for dog bites and injuries, the features in your home will be assessed for risk. Your credit and other factors will also come into play.
Top 5 disasters in the State of New York
New York federally declared Severe Storms as the most common disaster, with 28 counts since 1953, followed by Flood, Snow, Hurricanes, and Biological disasters. Here are the top 5 federally declared disasters in the state of New York.
|Rank||Declaration Title||Disaster Number|
Source: Federal Emergency Management Agency (FEMA)
How much is homeowners insurance in New York?
Homeowners insurance costs about $952 a year, on average, if you own a home in New York.
Source: The average cost of homeowners insurance by state, Business Insider.
Crime Rate: Is New York a safe state?
|2019 Crime in New York||Crime Number||Crime Rate*|
*Rate per 100,000 inhabitants
Safest Cities in New York by Property Crime*
- Lewisboro Town, NY has a population of 12,582 with a Property Crime rate of 0 per 1k. The city average home value is approximately $259,906.
- Sleepy Hollow Village, NY has a population of 10,080 with a Property Crime rate of 0 per 1k. The average home value there is about $804,191.
- Rye, NY came in third as the safest city in the state of New York and has a population of 15,756 with a Property Crime rate of 1 per 1k. Its home value averaged at about $497,090.
- Floral Park Village, NY has a population of 15,927 with a Property Crime rate of 1.6 per 1k. Its average home value is $671,815.
- Kent Town, NY has a population of 13,235 with a Property Crime rate of 2 per 1k. The city home value averaged $332,444.
*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.
Compare Home Insurance Rates in New York
Top homeowners insurance companies in New York
Allstate offers the following homeowners insurance discounts: multi-policy discount, claim-free, home buyer, safe home, 55+ and retired discount. Consumers Advocate rated Allstate 4.7 out of 5 stars (excellent).
Lemonade is a new kind of homeowners insurance, which may save you some money. It starts at only $25 a month and is fully regulated and rated high for customer satisfaction. It’s been rated 4.9 out of 5 stars in the App store and Google Play.
Progressive offers exceptional customer service and financial protection for your home and belongings. Your biggest savings with this insurer will come from bundling home and auto. Progressive was rated 4.7 out of 5 stars by Consumer Advocate.
New York Home Insurance FAQs
Do I have to use my insurance company's contractor?
Your insurance company may have a list of preferred contractors for you to use but you are under no legal obligation to do so. However, it’s important to do a thorough research on the professions you consider hiring.
When do you pay the deductible for homeowners insurance?
When you file a claim, you are obligated to pay the deductible before the insurer begins paying for losses and necessary repairs.
Will insurance cover a 25 year old roof?
An older roof could cause a problem If your roof is in disrepair before a storm creates a problem, you may not be covered or you may only be partially covered. Neglect is usually the number one cause of roof-damage coverage. It’s important to maintain the condition of your roof.
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At the top of the list, is reviewing insurance policies. Are you getting the coverage you need at the price you want? If not, it may be time to change policies. Need a different price? Shop around for better offers.
Gutters and downspouts work to navigate water flow off the roof so that there is no standing water that can lead to complications such as rotting wood, rotting fascia and foundation cracks
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Do you hear gurgling or trickling noises from the toilet? Does water drain more slowly than usual? Do you have a sink hole in your yard suddenly? Is your grass suddenly vibrantly green in patches?
If you're a new homeowner or if you simply decided to look into what homeowners insurance covers, you probably have a few questions about your policy. We have answers.
Keep in mind that in order to get paid for the tree removal you will have to first pay your deductible. Your deductible costs anywhere between $250 and $1,000 so it may make sense for you to pay for the tree removal out-of-pocket. Also, your rate may go up if you file a claim. Is it worth it?
With all the benefits that come with owning a swimming pool there are also risks, which is why swimming pools are often called “an attractive nuisance.” According to the Centers for Disease Control and Prevention (CDC), approximately 10 people die from unintentional drowning.
Mortgage payments and possibly a homeowners warranty aren’t the only costs of owning a home. Nope, it doesn’t end with taxes and homeowners insurance either. Most people who set out to buy their first home are in for a surprise when the closing date approaches and they learn that they owe all sorts of money for the house they just bought.
Homeowners insurance was not designed to cover small or even big fixes, but to repair damage that is covered under the stipulations of your policy. In fact, you may end up paying more in monthly premiums if you file a claim that gets rejected. For this reason, we advise you to fully review your case and your policy to see if you’re covered before filing a claim.
Homeowners insurance is an important protection to have even when it’s not required for a primary home, a vacation home or condo.