New York home insurance is similar to most home insurance policies but there are some factors that are exclusive to New York that will have a bearing on your premiums. Where your home is located, for example, is definitely a factor in what your insurance payments will be. If you live in a neighborhood that is known for common crimes including vandalism and break-ins you may not be able to afford homeowners insurance.
The first thing that homeowners insurance does is protect your dwelling. Your insurance coverage will pay for damages to your home as a result of wind, fire, vandalism or hail. Insurance does not cover damages that have occurred on your land.
Your regular insurance policy from a company like this, will not cover any damages that are the result of a flood or an earthquake. You must purchase separate coverage for those situations and you are better off buying it even if you don’t think you will need it. If you are the recipient of a blizzard, the snow makes things difficult enough but when it melts you may have to endure water damage that would only be covered by flood insurance.
Besides your home you should make sure that other structures that are not attached to your home are also covered, such as a free-standing garage or a shed. If you have “Other Structures” listed on your New York home insurance policy check with your agent as to exactly how much these structures are covered.
Your personal property is also covered. Everything that is inside of your home is included in your insurance coverage. Make sure that you make a full and thorough inventory of your belongings. Some insurance companies even have a worksheet on their website that will make it easier for you to list your property. Make sure you list furniture, art work, clothing, electronics, computer equipment, and any collectibles you may have accumulated. You may have to have additional insurance to cover more high-end items such as original are, fine jewelry, guns, and furs.
Loss of use is another area that is covered in your regular New York home insurance policy. This means if your home was destroyed and unlivable, your insurance policy will cover the cost for you and your family to stay at a hotel, eat at restaurants, and anything that constitutes what you use on a regular day-to-day basis. Make sure you talk with your insurance agent regarding every aspect of your policy.