For most New Yorks, their home is their most valuable financial asset, but it's also a vulnerable asset. A number of unexpected calamities can ocur- a noreaster can blow your roof off, a burglar can steal your priceless art work or stereo system, or a visitor could trip and fall on your front step. Most New Yorkers purchase a homeowners multi-peril policy to provide protection from the financial risks associated with these potential disasters. A homeowners policy wraps a number of coverages-- fire, windstorm, theft, liability-into one convenient package.

New York Home Insurance policies have been competitive for many years. In fact, nearly 200 insurers currently write homeowners insurance in New York State and these companies generate over $2 million in premiums.

A home is generally one of the largest investments that one will ever make. For this reason, it's important to be very careful in choosing the insurance policy that will best protect you from unexpected misfortunes. Below you will find some basic information about New York home insurance policies that will help you when choosing your policy.


There are generally two kinds of policies sold for home insurance- a monoline basis or as a package policy. A monoline policy contains only one type of coverage, such as liability insurance, while a package policy includes several different types of coverage, such as property insurance and liability insurance. It's generally more economical to purchase a package policy. Purchasing separate coverages can add up! Package policies usually include property, liability, theft and medical payment coverages.

There are seven different types of policies you should know about when researching New York home insurance. Five different types of policies are available to provide coverage for owners who occupy one or two family houses; a sixth covers tenants of a house or apartment building or cooperative owners; and a seventh provides coverage for condominium owners. The seven are outlined as follows:

1. Homeowner's - 1 (HO-1) - This is a basic policy which is offered by very few insurers because of its narrow coverage definitions. An HO-1 policy generally covers: Fire, Lightning and Smoke Damage, Windstorm and Hail, Burglary and Theft, Explosion, Glass Breakage, Vehicle or Aircraft Damage, Riot and Civil Commotion,Vandalism and Malicious Mischief, Bodily Injury, Damage to Property of Others, Civil Judgments,Medical Payments, Personal Property (at Home), Personal Property (Away), Additional Living Expense (If forced to live away from home temporarily)
2. Homeowner's - 2 (HO-2) - In addition to those items found in an HO-1 policy, this policy insures against: Falling Objects, Weight of Ice or Snow, Water from Plumbing Systems, Freezing of Plumbing Systems, Electrical Damage to Appliances, Rupture of Water Heaters and Heating Systems.
3. Homeowner's - 3 (HO-3) - Often referred to as the Special Form Policy, this policy is the most widely used policy by New York home insurance writers today. It is becoming the standard homeowners policy and many lending institutions recommend buying it. This policy covers your home for all risks of physical loss, except those that are specifically excluded, such as flood, earthquake, war, nuclear accident, etc. Read your policy very carefully to assess what is both included AND excluded from coverage of the policy.
4. Tenant's/Cooperative Owner's - (HO-4) -Insures against damage to an apartment's contents and against personal liability suffered in the insured's unit.
5. Homeowner's - 5 (HO-5) - In addition to the coverage provided in an HO-3 policy, this policy covers your personal possessions for all risks of physical loss, except those specifically excluded. This extra protection may also be provided by purchasing a HO-3 policy with a “Special Personal Property” endorsement.
6. Condominium Unit Owner's - (HO-6) - Provides the same coverage as HO-4, but used in insuring condominiums.
7. Homeowner's - 8 (HO-8) - A modified version of the HO-1 policy, this policy provides actual cash value coverage instead of replacement cost coverage. This policy form is generally used when the replacement value of the property exceeds its market value, as in the case of older homes.

Before you rush to buy your New York home insurance, you will need is to make an analysis of the value of your home (excluding the value of your land) and your personal property within it. You must calculate how much it will cost to replace your home if it were totally destroyed when determining the value of your home. Many insurance companies make a physical inspection of your home when they first insure it. You could also get an estimate from a contractor.

It's a good idea as you put your inventory together you should make sure that you have receipts indicating the purchase price and date of purchase and photographs of major items. You should update the inventory annually, or at the very least, whenever you purchase a large appliance or piece of furniture.

You should buy just enough New York home insurance to provide adequate coverage in case of a loss, but not so much that you cannot afford to pay your premium. Talk to a New York home insurer to determine the amount of coverage you need.


According to New York State law, an insurance company has the right to cancel your homeowners or tenants policy by issuing a cancellation notice during the first 60 days it is in effect as long as the cancellation notice states the specific reason or reasons for the cancellation.

After your policy has been in effect for 60 days it may not be cancelled or nonrenewed for a three year period, except for the following reasons:

1. Not paying premiums (however, if a cancellation notice is sent out, by law, if you pay the amount due within 15 days, the policy won't be cancelled)
2. Being convicted of a crime
3. Obtaining the policy in a fraudulant manner or making false/illegal claims
4. discovery of willful or reckless acts of omissions increasing the hazard insured against;
5. Physically changing the property in a way that the property becomes uninsurable in accordance with the insurance company's objective

At the end of a three year period, your company may refuse to renew your policy, however, by law, they are required to provide at least 45 days, but not more than 60 days notice of nonrenewal.


Before making purchasing an insurance policy, check to make sure the insurer you are dealing with is licensed to sell insurance in New York State. If you are unsure whether an agent is licensed in New York, call or e-mail the agent and request his or her New York license number.

In seeking your rate quote, you will be presented with a series of questions. Make sure you answer these questions fully and accurately.

Shop service as well as price. Sometimes the lowest price insurer isn't the best buy if an insurer is not responsive once claims arise.
When buying New York home insurance, make sure you shop around. Get at least three price quotes. You can call companies directly or access information on the Internet. Getting quotes from the internet is one of the most convenient methods of researching and obtaining the best deals in New York home insurance- and you can do it from the convenience of your home! The internet's influence in the marketplace is growing rapidly. Quoting agents are actively marketing their services to consumers via a growing number of Web sites. Quoting agents provide sample homeowners insurance rates to Internet users who respond to various online questions.

Don't shop by price alone. When looking for New York home insurance quotes, you want a company that answers your questions and handles claims fairly and efficiently. There are many sources for finding great rates and service, but one of the easiest and most effecient is the internet. And for the best quotes, newyorkhomeinsurance.com is the place you want to go.

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