No home is built exactly the same. That is why it's vital to ensure that your homeowners insurance is tailored to your most precious asset- your home.
What makes New York homeowners insurance so unique? Well to understand this you must understand what the insurance actually covers. Homeowners insurance covers two main areas- liability and property insurance. To properly insure against damage to your home you must know how much it would cost to rebuild your home which we'll discuss in the next paragraph below. The cost to rebuild your home is reflected under the property insurance portion of your policy. Specifically, the cost to rebuild a home (which is referred to a building or structure in the insurance world) is shown as a limit of insurance on your home insurance policy declaration pages under Coverage A. Insurance companies will often require you to insure your house anywhere from 80% to 100% of the total cost to replace the house. The percentage you insure your house for compared to the total cost to replace the house is often referred to as insurance to value.
But how do I determine how much it would cost to rebuild my home? Well there are many things you must factored in. Your cost for construction is directly determined by the local construction market. Construction costs can vary from town to town or city to city so it's important to understand what your local construction costs might be. We keep an open dialogue with local contractors who advise us of the going rates for repairing or building a home. The cost is generalized into a dollar range per square foot of your home. For example, it could cost $80 all the way up to $200 per square foot to rebuild your home. Determining this exact cost is tricky and all the attributes of your home must be taken into consideration. The age of the home, number of stories, the type of roofing and heating, the type of flooring, walls, siding, foundation, and many other factors.
We're a New York insurance agency that uses state of the art replacement cost calculators which helps us to narrow down the replacement cost of your house. Then, we can cross check the replacement cost with local contractors to make sure we're coming up with the most appropriate estimate so that your home is insured to value.
Many insurance agents will often leave out certain homeowners insurance coverages that are vital to insuring your property is properly covered. In October of 2011, we spoke with a homeowner, who was not a client of ours yet, who had a bad fire loss on their home and had to make a claim on their homeowners insurance policy. They ended up paying thousands of dollars out of pocket because they didn't have the right coverages in place. In the state of New York, if your property or home is damaged beyond 50% of its market value, than typically the entire home must be demolished and rebuilt in accordance to current local building codes. If your insurance policy doesn't have ordinance and law coverage, then you take a big risk of paying out of pocket because you won't be properly insured for a major loss like a fire.
Let's assume 51% of the market value of your home is damaged. In this case, you'll be required to demolish the undamaged portion of your home which is 49%. Additionally, you'll be responsible for removing the debris, and rebuilding the home in accordance with the current building code. Here is the kicker; NONE of this is covered on a standard ISO homeowners insurance policy unless you have ordinance and law coverage! Determining the correct amount of ordinance and law coverage is another story and so it's important to let a local New York insurance agency like InsuranceTrak do an assessment based on your home's unique characteristics.
InsuranceTrak Services is a New York insurance agency that works with top homeowners insurance carriers. We help you by working with reputable home insurance companies and shop for the cheapest and most competitive rates. If you're looking to save money on homeowners insurance than you've come to the right place. Some of the reputable NY homeowners insurance companies include, but are not limited to, New York Central Mutual (NYCM), Mercury Insurance, Broome Co-operative Insurance, and Progressive Insurance.
But how do you know you're getting a good price? We estimate the average homeowners insurance price in New York to be $856 per year. On average we're able to save our customers 22% on their home insurance costs which brings the average down to $665 per year! This doesn't mean you can't save even more or get a lower price but simply illustrates that our customers get the best price in the market.
Probably the best part about shopping for online homeowners insurance rates in NY with InsuranceTrak is that you can get instant homeowners insurance quotes online right from our website! Simply complete the form at the upper right of this page to get started. You'll receive instant rates for New York home insurance returned directly to your screen on our website! If you'd rather speak to a human being, no problem. You can call us anytime to get a quote and a local expert will ensure we shop the best insurance companies to find the best coverage at the cheapest price for homeowners insurance in New York.
InsuranceTrak is YOUR New York homeowners insurance agency!
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