New York Homeowners Insurance Guide
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The Empire State, home to the Big Apple (New York City), is perhaps the most popular destination to visit in the United States. Most visitors and even New Yorkers are enamored with the buzz, bright lights and sheer magnitude of New York City. However, you must keep in mind that the state is far larger than the five boroughs that compose NYC. Of course, Central Park, Times Square, and the Statue of Liberty are all sites that must be experienced when visiting the Empire State. That said, one could easily be enchanted by the nature found deep within the state. From the majestic, powerful, flowing water of Niagara Falls, to the densely forested Adirondacks, there’s quite a bit of nature to fall in love with within the state.
Another aspect of New York’s beauty is that it experiences all four seasons. The different color leaves revealed in the fall and the snow from the winter both make for picturesque landscapes. Unfortunately, this also means the state is susceptible to quite a few natural disasters. Those that are most frequent and impose the most property damage are severe storms and flooding.
New Yorkers pay quite a bit more for homeowners and renters insurance than the rest of the country. In fact, their renters insurance rates are among the top ten highest in the country. Given the state’s population, theft and vandalism certainly have an influence on these rates. The property damage inflicted by natural disasters also places upward pressure on them.
Average Homeowners and Renters Insurance Premium
Source: Insurance Information Institute (2017)
Thankfully, a standard homeowners or renters insurance policy will cover most of the perils property owners in New York are susceptible to. Damage as a result of snow, hail, wind, theft, and a host of other risks are covered under a typical homeowners policy. Thus, damage caused by majority of the snow and rainstorms New Yorkers endure should be covered. However, flood is usually excluded. As such, for those property owners that are in flood zones, or perhaps own property along Lake Ontario or the Hudson River, should secure additional flood-specific coverage from the National Flood Insurance Program (NFIP).
The New York homeowners insurance market is highly competitive. The companies with the first and fifth market share positions are separated by six percentage points. Although the top five homeowners insurance carriers, as measured by market share, are national carriers, when searching for the right homeowners insurance partner, feel free to include regional carriers. They may not have the same financial support of the national carriers but may understand the risk details that may make your property unique. They also may be able to provide you with a more personalized insurance experience. That said, given the risk of loss from a natural disaster, when reviewing carriers and packages, make sure you pay attention to a potential partners financial stability and history of addressing and settling claims.
Top 5 Home Insurance Carriers in New York
|Travelers Companies, Inc.||8.0%|
Source: Insurance Information Institute (2019)
Whether it’s the Big Apple, or several of the lakes and nature scattered throughout New York, visitors and native New Yorkers alike get to enjoy both worlds; city and nature living. Given its climate and location, New York is susceptible to several natural disasters. Therefore, make sure you’re properly covered if you are lucky enough to call the Empire State home, or have property located there.
New York Department of Insurance
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