New York Homeowners Insurance

Your Complete Guide to New York, NY Homeowners Insurance

How to find a policy that works for you

New York New York homeowners insurance

New York, NY, is the most diverse city in the world. Known as the gateway to the US, New York is a historic place.

If you're one of the many residents in this town of 8,622,698 people and have purchased a home, you'll want adequate protection. An independent insurance agent can help find coverage for a reasonable price. You can connect with an expert in minutes.

Local Crime in New York, NY and Your Homeowners Insurance Rates

A large city like New York, NY has its fair share of crime-related insurance claims. The carriers look at various factors when they price your policy, one of them being the local crime. Let's take a look at the burglary rates:

  • Number of burglaries per 100,000 homes in the US: 376.00
  • Number of burglaries per 100,000 homes in New York: 159.30
  • Number of burglaries per 100,000 homes in New York, NY: 127.10

New York City has relatively low burglary rates compared to the state and national figures. To offset any additional costs due to a local crime surcharge, speak with your agent about discounts. If you bundle your home and auto insurance, you'll qualify for a considerable premium reduction. An independent agent can help quote a home policy to see how crime affects your costs.

Liability Insurance Options in New York, NY

When a lawsuit is filed against a household member, your home's liability coverage may be able to help. If the incident is a coverable loss under your homeowners policy, then you could have protection. Let's look at some occurrences where liability would apply:

  • If a household member is sued for slander
  • If a person gets injured on your property
  • If a household member causes injury or property damage to another party
  • If your pet harms a person or property

When a liability loss gets too big for your primary home coverage to insure, an umbrella policy can help. 

Umbrella Insurance Explained:

Umbrella insurance provides liability limits above and beyond your underlying home and auto policies. When your primary home limits are exhausted, your umbrella insurance applies. Discuss liability options with your New York independent agent.

Risk Exposures in New York, NY and Your Homeowners Policy

Catastrophes are a coverable loss under your home policy if you have the right coverage. When you are shopping for homeowners insurance, be sure to address common natural disasters that could occur in the area.

Catastrophic Events in New York:

  • Number of federally declared catastrophes since 1953: 101
  • Most common disasters: Severe storms
  • Number of tornadoes per year: 10
  • Homeowners claims paid in 2016: 2,170,228,000

Some of the most reported property risks in the city of New York are as follows:

  • Hurricanes
  • Floods
  • Storms
  • Blizzards

With flooding second on the list, you'll want to make sure you have flood coverage. According to FEMA, just one inch of standing water in your home can result in $25,000 in damage. Speak with your local independent agent about catastrophe insurance in New York.

How Flood Insurance Works in New York, NY

Your primary homeowners policy does not provide coverage for flood damage. If flooding occurs, you'll need separate flood insurance to be adequately insured. 

How to Get Flood Insurance in 3 Easy Steps:

Step #1 - Get connected with an independent agent in New York, NY.

Step #2 - Determine the flood zone for your property and quote through FEMA-approved carriers with your agent.

Step #3 - Obtain flood insurance from the best option presented by your agent.

Whether you live in a downtown high-rise or a mobile home by the river, disaster can strike anywhere. Discuss coverage with your local independent agent today.

The Cost of New York, NY Homeowners Insurance

Premiums are unique to each individual. Since the carriers use your personal data along with your home's specifications, your costs are customized. Let's look at the average home insurance premium:

  • National yearly average: $1,211
  • New York yearly average: $1,309

The price you pay will depend on the amount of risk you transfer to the insurance company.

Risk Factors the Carriers Use:

  • Local crime
  • Coverage selected
  • Year, construction type, and square footage of your home
  • The replacement cost of your home
  • Your credit score
  • Discounts that may apply
  • Your loss history

No matter where you live, your rates are likely to be different from your neighbor's. To help lower costs, you can speak with your independent agent about carrier options. 

Work with an Independent Insurance Agent in New York, NY

A New York independent insurance agent can help find the coverage you need for the price that fits your budget. Since they work with a variety of carriers, they can give you the most options. 

When you're unsure of where to begin, start on TrustedChoice.com. They have a network of local independent agents. Use the find-an-agent tool and connect with an expert in minutes.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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