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When the free market is flooded with homeowners insurance companies vying for your business, how do you choose? Overall, seek out providers that offer both integrity and affordability.
What Should You Look for in NYC Homeowners Insurance?
New Yorkers face the problem of annual homeowners insurance premiums that are over $100 the national average of $1,034. This means that New Yorkers have to pay more than the rest of the nation’s homeowners for the same amount of coverage. Thankfully, by exploring your options and taking all the necessary precautions, you can still have excellent protection for your home without sacrificing too much of your hard-earned money.
Image by Pictures of Money / Flickr
Choose a Provider That’s Upfront with Costs and Coverage.
Insurance providers vary in their levels of price and coverage transparency. As a homeowner, you need to find a company that’s 100 percent open about what you’ll pay and very specific about what you’re getting for your money. Be sure to explore the fine print. If you see too many odd “exceptions” to your coverage, ask questions, but it’s probably smart to keep on shopping.
Find One That Recommends Only What You Need.
An insurer that pushes you to pay for add-ons like earthquake coverage, when the risks for tremors in NYC are relatively low, probably isn’t a good choice. Instead, you want a provider to offer useful additions like flood insurance. Since rising waters do pose problems for homes on Long Island, investing in this kind of add-on to your plan could actually keep you out of some future trouble.
Look for a Provider That Offers Discounts.
If you have multiple insurance needs, you should explore the option of covering everything with one provider. Insurance companies that offer life, auto, boat, and home insurance into bundle discount packages can take some of the sting off your finances. Plus, lower prices mean you can get good coverage for lower rates.
You will also want to find a provider who offers better premiums when you lower the risk factors in your home. A good insurance company will also give discounts for new homes, new customers, and retirees. When a company offers good incentives, you know they value your patronage.
A Good Provider Will Charge You Based on Your Home’s True Value.
You don’t want to pay for coverage for a million-dollar home when your dwelling is actually worth $700,000. Since your home’s cost of replacement plays a big role in the size of your premium, getting an accurate appraisal is key.
Don’t let an insurance provider’s assessment be the final say. Instead, get a home builder or appraiser to offer a second opinion. With third-party help, you can often get more accurate assessments that grant you a more honest premium. If your company won’t be open to assessments from other professionals, it’s time to keep on shopping.
You don’t have to skimp on coverage to afford homeownership in New York. Instead, take your time when looking for homeowners insurance and do business with an honest and fair provider.