Home Insurance Quotes Rochester NY
When it comes to buying homeowners insurance one size does not fit all. Each geographic area contains it's own set of unique characteristics. Rochester NY is no exception.
When evaluating a home insurance policy in Rochester NY, you need to take into consideration the following:
- Elevation above sea level. One of the major concerns that homeowners and insurance carriers have alike is the peril of floods. The closer you are to sea level, the more prone you are to having a flood. In Monroe County, the lowest point is in Lake Ontario which is 247 feet above sea level and the highest point is in Hopper Hills which is 1026 feet above sea level. Some carriers will actually give you a better rate if you're on the higher end of being above sea level.
- Construction Costs. Rochester NY has a relatively stable construction market. The cost of building a home is measured by construction cost per square foot. The cost includes materials and labor. Typically, a general contractor will be hired by a land developer. The general contractor will sub-contract out to other contractors who put the pieces of the house together like framing, foundation, drywall, siding, flooring, roofing, electric, plumbing, heating, and more. From dealing with local contractors and using reputable replacement cost calculators, the cost for all this work can range from $80-90 to $150-200 for higher end homes. The general average is $130 per square foot to build a Rochester NY home. It's important to note that outside factors like natural disasters can drive up construction costs. This is because they might limit the supply of building materials which drive up the cost. When insuring your Rochester NY home, determining the cost per square foot to rebuild your home will dictate the amount of insurance you need.
- Weather conditions. Rochester is known for it's dreary Winters. Snow, hail, sleet, and gusting winds are all hazards to a home. Making sure your insurance policy covers these perils is vital. Homeowners insurance policies are written on specific policy forms. The most popular are ISO forms. The most popular home insurance form is an HO-3. This is an 'all-risk' form which basically means anything is covered UNLESS it's excluded under the policy. Lesser policy forms would include an HO-1 and HO-2. These policies state that they'll cover certain perils like fire, lightning, wind, etc. Typically, an HO-3 will address most of your Winter condition forms and the lower policy forms might have restrictions.
- Ordinance or Law. In Monroe County, if over 50% of the market value of your house is damaged, your town may require that you demolish the entire house. The cost to demolish the undamaged portion of your house, remove the debris, and rebuild this undamaged portion might not be covered under your policy. That means you'd have to pay out of your own pocket for potentially 50% of the cost to rebuild your house! There is an endorsement you can put on your home insurance Rochester NY policy called Ordinance or Law coverage that addresses this concern.
Though there are many other factors that need to be considered when evaluating home insurance Rochester NY, these tips above should give you a solid groundwork to get started. We're a Rochester NY based insurance agency that has expertise in the local insurance marketplace. Our expertise in the local area separates us from the national carriers who sell direct. It's important to take special consideration of local factors that could effect you negatively if you don't have the right type of home insurance. If you have any questions about these tips please feel free to contact us and we'll make sure your home insurance Rochester NY is the most appropriate for you!
You can find more information and tips on the home insurance Rochester NY home page.