Home Insurance
Homeowners insurance isn't a luxury. It's necessary and will be required if you finance your home or live in a HOA-managed community. Protect your home from damage due to fire, wind, hail, theft, vandalism, and other perils with home insurance in New York. Policies typically cover essentials such as:
- The contents of the home up to specified limits.
- Personal liability for damage or injuries to other parties or their property.
- Temporary housing allowance if the property is unlivable.
Our Premium Brokerage Services Inc. team will explain the basics of homeowners insurance policies.
Different Types of Homeowners Coverage
Different types of policies offer different coverage, and the more coverage you carry, the cost of the policy is likely to have higher premiums. Most owners find the extra cost worthwhile should an incident occur. The three primary insurance policies for homes in New York include the following.
Actual Cash Value
- Actual cash value (ACV) policies cover the cost of the home and its contents after deducting depreciation. Certain policies may have a recoverable depreciation clause that allows owners to claim depreciated value and ACV.
Replacement Costs
- These policies cover the home's actual cash value and possessions and don't deduct for depreciation. This allows you to rebuild or repair the house up to its original cash value.
Guaranteed (or Extended) Replacement Cost/Value
- This is the ultimate comprehensive coverage homeowners can get with a base policy. Inflation affects the cost of materials and labor and can cause repair and replacement costs to be greater than the home's previous value. Guaranteed replacement cost policies typically cover up to 25% higher payouts to serve as a buffer in these cases.
Find homeowner's insurance in New York at Premium Brokerage Services Inc.
At Premium Brokerage Services Inc., we work with many of the top insurance companies in the nation and will get you quotes from several to help you find the best deal on the policy you need. We have an office in New York and service communities throughout the state and nearby communities.
