For Residents & Companies of New York
Although it may seem like a remote possibility, spring thaws, ice dammed rivers and excessive rain from the occasional hurricane can cause unforeseen flooding for New York Homeowners. Most New York homeowner insurance policies do not cover flood damage. This can only be purchased through the federal government and would be a supplement to your existing New York homeowners insurance policy. You can find information on flood insurance guidelines and whether you are at risk, at www.fema.gov/index.shtm. Clauses that refer to an exclusion of coverage due to an "Act of God" could be interpreted as a way to avoid paying you for damages by the New York homeowners insurance company. You should also check your New York House Insurance policy to make sure it covers damage due to excessive snow or ice dams that occur around the eaves of your home.
New York Home Insurance.
Home insurance is important in protecting New York Homeowner's homes and personal property. New York Renters need insurance to protect their furniture and other personal property. Everyone, homeowners and renters, needs protection against liability for accidents that cause harm to other people while on their property and/or for damages to their property.
How Much Coverage You Need with your New York Homeowners Insurance.
The better your New York homeowners insurance coverage, the less you will have to pay out of your own pocket if disaster strikes. In some cases, your mortgage lender decides how much coverage you need and may require you to buy a New Hampshire homeowners insurance policy that covers at least the amount of the mortgage. The amount of New York homeowners insurance coverage you buy for your house, contents and personal property will affect the price you pay.
Deductibles on New York Homeowners Insurance
The deductible is the amount you have to pay out of pocket on each claim and applies only to coverage on your house and personal property. Make sure when choosing an New York homeowners insurance policy that you are comfortable paying the deductible if you make a claim. A policy with a $100 deductible will cost more than one with a $250 deductible.
Cost or Actual Cash Value?
You may have the option to choose an New York homeowners insurance policy that either has replacement cost or actual cash value. 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. It is important to have an New York House Insurance policy that covers at least 80 percent of your house replacement value. Actual cash value is the amount it would take to repair or replace damage to your home after depreciation.
Around Before You Buy an New York Homeowners Insurance policy.
You are not required to purchase New York homeowners insurance from the company your lender recommends.
Your New York Homeowners Insurance Agent About Discounts
In some states, homeowners insurers offer lower prices for such things as insuring your home and car with the same company, installing deadbolt locks or alarm systems or replacing the roof.
Coverage's Available for New York Homeowners Insurance
Whether you own or rent, there are different packages of New York home insurance offered to protect your home and belongings. Each package protects against a specified number of events that cause damage to property. Three examples are fire, windstorm and theft. In addition, each package policy usually contains four additional types of coverage: property damage, additional living expenses, personal liability and medical payments. New York homeowners policies do not normally protect against flood damage. This can be purchased through the Federal government as a supplement to your New York Homeowners insurance.
Your New York Homeowners Policy Carefully
You should be aware that an New York home insurance policy is a legal contract. It is written so that your rights and responsibilities as well as those of the New York insurance company are clearly stated. When you purchase New York home insurance, you will receive a policy. You should read that policy and make certain you understand its contents. Keep your policy in a safe place and know the name of your New York house insurer.
Your New York Home Insurance Needs Every Year
Check with your New York homeowners insurance agent at least once a year to make sure your policy provides adequate coverage. The addition of a room, new insulation or remodeling add value to your home, therefore may increase replacement cost.
If you want to check the status or complaint ratio of any New York Homeowners Insurance Company, you can do so through the New York State Insurance Office at http://www.ins.state.ny.us/ or the National Association of Insurance Commissioners (NAIC) at http://www.naic.org
To find the complaint ratio for New York Homeowners Insurance Companies on the NAIC website please see our Instruction sheet.
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