New York's Best Homeowners Insurance Resource Center
At Crowley Insurance our goal is to help consumers understand their New York homeowners insurance.
Below we breakdown parts of the New York Home Insurance Policy and the different coverages that are built into the policy. We also talk about additional coverages that should be added and frequently asked questions that will help consumers in navigating their home insurance needs.
Core Homeowner's Coverages
Coverage A- DWELLING COVERAGE
As you see in the graphic at the bottom of the page, The Dwelling coverage is the portion of your policy that covers the actual structure (main house).
For most Home policies the Dwelling Limit is calculated based on a Replacement Cost Value. Replacement cost is the cost to repair or rebuilt your home at current day's construction prices.
Coverage B- OTHER STRUCTURES
Other structures coverage on your homeowner's insurance usually is included at 10% of whatever your Dwelling Limit is, but can be increased if you need more coverage.
This coverage will cover any structure on your property that is not permanently attached to your house. Things like fencing, detached structures like garages, sheds, or barns.
Coverage C- PERSONAL PROPERTY
Personal Property or Contents is the coverage that will cover your personal belongings like clothing, furniture, electronics, and appliances.
Anything that would fall out of your house if you turned it upside down and shook would be considered personal property.
Personal property is covered on an actual cash value policy unless you specific add an endorsement called Replacement Cost Contents
Coverage D- LOSS OF USE
Loss of use is the coverage to help you pay for living expenses if you need to live somewhere else temporarily because your primary home is uninhabitable due to a claim.
The coverage can help with extra costs associated with staying in a hotel, doing laundry at a laundromat, or going out to eat at a restaurant. For larger claims with a longer repair time, the insurance may look to rent an apartment or house while your home is being repaired or rebuilt.
Coverage E- PERSONAL LIABILITY
Personal Liability coverage is the liability coverage built into your primary homeowner's insurance. This coverage is going to protect you if you are legally responsible for causing bodily injury or property damage to someone.
Most people assume this is just coverage for when someone gets hurt on your property but that is actually premise liability (which is included here)
Personal liability will follow you away from your home.
Coverage F- MEDICAL PAYMENTS
Medical Payments coverage is for medical payments to others. Not for yourself or your household members.
Medical payments coverage is built to handle the small injury costs that may arise when a person is hurt while on your property.
These are generally not a high occurrence type of claim and are usually just minor accidents that happen.
Additional Home Insurance Coverages
Replacement Cost Contents
Replacement Cost Contents is an endorsement that extends replacement cost to your personal property in the event you have a covered insurance claim.
A basic homeowner's policy will not include Replacement Cost on your contents and would only pay you the depreciated value of your contents.
Water Back Up of Sewer & Drains
Water back up of sewer & drains is an endorsement added to your homeowner's policy covering losses from the back up of water or sewage either from a sump pump or a drain.
This covers you in the event the sump pump failed or died or just an issue stemming from a blockage in outside pipes.
Guaranteed Replacement Cost Dwelling
Guaranteed or Extended Replacement Cost Dwelling Coverage is an endorsement that is added to your homeowner's insurance policies that gives you at least an additional 25% on your dwelling coverage if there is a total loss.
This coverage will help protect you if you do not have enough coverage to rebuild after a claim like a fire.
As we have seen with the rapid increase in construction materials and labor over the past 2 years this coverage is more important now than ever.
Underground Service or Utility Line Coverage
Most homeowners are surprised to learn that repair or replacement of damaged sewer lines, water lines, or any other utility line is their responsibility, not the service providers or the towns.
Well unfortunately this is the case in the area underground on your property, usually running from the road to your house.
Damage to these service lines often occur unexpectedly, and with the expenses not covered under a basic homeowner's insurance policy the cost could be detrimental for a homeowner.
Thankfully insurance carriers have started fixing this problem and filling this "gap" with underground service line insurance coverage.
FREQUENTLY ASKED QUESTIONS ABOUT NY HOME INSURANCE
How much does homeowners insurance cost in New York?
If you're like most homeowners in East Syracuse, NY or any other part of New York, your home is your most valuable asset, and should be protected as such. When your home is damaged or destroyed, you need your claim settled by an insurance company that understands the importance of the place you call home.
Crowley Insurance Agency can help find the Syracuse Home Insurance that will best meet your needs and provide the most valuable combination of tailored coverage, quality service and competitive pricing.
It’s important to understand that no two homeowners insurance policies are created equal though. Different insurance companies offer different levels of coverage, different endorsements and riders, and have different conditions and limitations.
If you are looking for homeowners insurance for a Syracuse rental or landlord property or a home that will be used for short term rental purposes like AirBnB visit here