New York Home Insurance
Your homeowner insurance needs are influenced by where you live. For example, if you live in New York, you might want to consider flood coverage. According to the U.S. Geological Survey, much of New York is considered at risk for flooding. Flood insurance should be purchased if you reside in a high risk area. Be aware, however, that flood insurance must be purchased in addition to your homeowners policy because a typical home insurance policy does not provide this type of coverage.
New York is also at risk for hurricanes along the coast – while it is not a common occurrence, a hurricane did strike Long Island almost 70 years ago. After the devastation of Hurricane Katrina in 2005, homeowners that have even a small risk of hurricane are taking notice of their coverage. With hurricanes occurring more often and storms changing paths, the threat of a damaging storm is a reality.
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New Yorkers take their homeowner insurance seriously: in 2002, residents of the state filed $1.2 billion in homeowner’s claims. New Yorkers are protected from insurers potentially cancelling their coverage – under law, insurers can’t cancel coverage within the first three years of the policy. There are definitely changes in the insurance landscape in response to the risk of hurricanes. Some insurance companies have restricted policies or increased premiums by 20% to 30%.
The New York State Emergency Management Office and State Disaster Preparedness Commission has a helpful website at http://www.semo.state.ny.us – review it to better understand how to prepare for emergencies.
Also, be sure to review your homeowners policy carefully to understand the coverage and any exclusions. Insurance experts recommend that you keep a thorough record of your personal belongings and the value of each item. This is helpful when determining the level of coverage you will need and provides a record of your possessions should anything be destroyed and need to be replaced.
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Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
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