What a Homeowners Insurance Policy Covers
A standard policy is built from six coverages, A through F.
A- Dwelling: The house itself, insured for what it would cost to rebuild, not what you paid.
B- Other Structures: Detached garages, fences, and sheds, usually a percentage of Coverage A.
C- Personal Property: Ask for replacement cost, not actual cash value, which accounts for depreciation.
D- Loss of Use: A hotel and living costs while a covered loss is repaired.
E - Personal Liability: If you are found legally responsible for covered bodily injury or property damage, this may help pay damages and defense costs.
F - Medical Payments to Others:Medical expenses for a guest injured on your property, generally without regard to fault.
We compare home insurance across carriers for owners in Brooklyn, Queens, Staten Island, and the Bronx rather than selling one product. See our full range of insurance services.
The Deductible Most New York Owners Miss
A hurricane deductible is usually company mandated and applies when a storm is declared a hurricane. It commonly runs 1% to 5% of the dwelling value or amount of insurance, and many insurers require one in the five boroughs, Nassau and Suffolk, and coastal Westchester. On a $700,000 home that is $35,000 before the policy pays. New York requires insurers to state the figure in dollars on your declarations page. A windstorm deductible is optional and applies to any wind loss.
Flood is excluded entirely, covered instead through FEMA's National Flood Insurance Program or a private policy, and a lender usually requires it in a Special Flood Hazard Area. Policies also sublimit certain property, commonly around $1,500 for jewelry, furs, and coin collections, and $2,500 for business property at home.
Declined or Non-Renewed? Brooklyn and Coastal Options
Shore proximity is a common reason homeowner insurance companies decline New York business. Two state backed routes exist, and we can submit either for you.
C-MAP: A voluntary network of insurers run by NYPIUA, covering owner-occupied one to four family dwellings, apartments, and condo units in the Bronx, Brooklyn, Nassau, Queens, Staten Island, Suffolk, and Westchester. In Brooklyn, Queens, and Staten Island the home generally must sit within one mile of the shore, and you must already hold a non-renewal, cancellation, or conditional non-renewal notice for a reason other than non-payment.
The FAIR Plan:The insurer of last resort. Its policies do not include liability, flood, or theft, and premiums sit above the voluntary market.
Beyond those sits the excess line market, where a licensed excess line broker generally must document declinations from three authorized insurers first, and a lower price alone does not justify the move.
Your Renewal Rights Under New York Law
Under Insurance Law § 3425, a covered policy has a required policy period of three years from when it is first issued or voluntarily renewed. During those years an insurer cannot non-renew or conditionally renew unless the reason is one for which the policy could have been cancelled. Any notice must arrive 45 to 60 days before the period ends, with reasons stated. If it is late, you may renew on timely payment.
For homes in a market assistance program area, the notice must also tell you whether you may be eligible through the program or NYPIUA.