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Getting Home Insurance in New York City

Home insurance in New York City helps residents protect their finances should their homes, condominiums, apartments, or belongings become damaged by perils like fire, severe weather, and theft. In other words, homeowner’s insurance helps policy holders pay for the replacement or repair of everything protected under their insurance contract. Your homeowner’s policy also includes coverage for living expenses should you ever be displaced from a covered peril. This typically includes expenses for lodging, food, and storage while your home is being repaired or replaced. Policies for New York City residents also provide liability coverage that protects you in the event someone is injured on your property out of your negligence.

Because of the high cost of property in New York City, it’s simply good sense to purchase adequate coverage in the event you experience catastrophic damage to your home or personal property. In fact, each of New York City’s five boroughs require a separate rating territory for homeowners insurance, according to the New York Department of Financial Services, a Wall Street Journal article noted. They also provide a list of homeowners insurance comparison tables on their website as well. These tables can give you a general idea of what you will be paying for a policy in your policy.

Factors of Home Insurance Rates in New York

Insurance companies that provide coverage to New York City residents examine a number of different factors when determining the cost of a policy for your home. In general, older homes cost more to insure. This is because in most cases, older homes require more upkeep, have a higher number of claims incidents, and cost more to repair. Larger homes typically cost more to insure as well because there is more physical structure and personal property to insure. Things like the claims history of your home, the homes nearby, and the proximity of your home to fire protection will also have an impact on the overall cost of your premium as well.

Insurers in New York City also rely heavily on crime rates in your neighborhood to determine policy cost as well. If your neighborhood has a high rate of burglary, theft, or vandalism, you could be facing higher premiums.

  Robbery Burglary Larceny-theft
2010 19,608 17,926 111,370
2009 18,597 18,780 112,526
2008 22,186 19,867 117,682

While New York City has a very limited history of hurricane and tropical storm landfalls, they do have a history of severe storms. In the event that your home is in the path of a hurricane or tropical storm, damages can be catastrophic. Homeowners living in, and around New York City will want to ensure they are properly covered from both wind damage and flooding. However, most insurance companies require separate policies, so make sure to check with your agent or broker that you are covered for both before purchasing a policy. According to the New York DFS, homeowners near New York shores and waterfront areas have found it difficult to obtain and keep homeowners insurance, so the department now permits the use of catastrophic windstorm deductibles as a way to keep homeowners properly insured.

Home Insurance in New York

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