NBP Insurance » Homeowners Insurance

New York State Homeowners Insurance

What Is It?

As its name suggests, homeowner’s insurance protects you if your home is damaged or destroyed. In addition, it covers your family’s possessions and can provide you with compensation for liability claims, medical expenses, and other amounts that result from property damage and personal injury suffered by others. By paying insurance premiums, and satisfying the other requirements of your insurance company, you can protect yourself in the event of loss due to unforeseen and/or catastrophic events. You still won’t be able to predict when lightning will strike your house, but you will sleep better at night knowing that homeowner’s insurance can save you from financial ruin if such an event happens.

Why Do You Need It?

You may need homeowner’s insurance because your mortgage lender requires it. But, even if you own your home outright, you still need homeowner’s insurance to protect that which you can’t afford to lose. It is really that simple. You spend years building up a solid financial foundation for you and your family. All that hard work can go down the drain in a matter of minutes when, for example, a tornado devastates your house, a burglar robs and vandalizes your home while you’re gone, your dog bites and severely injures a neighborhood child, a guest in your home is hospitalized after falling on your icy stairs, or a neighbor sues you for personal injury after your chimney topples over on his head. There are virtually thousands of possible scenarios that could result in severe financial loss or even the loss of your home. Homeowner’s insurance is designed to help prevent that result. (Renters and owners of condominiums and cooperatives can get coverage using variations of the same basic insurance tailored to their needs).

What Do You Need To Know?

Homeowner’s insurance protects more than just the owner of the house. Generally, it protects anyone named on the policy, your spouse, residents of the home (other than renters), household employees, guests and visitors.

The property insurance section of your homeowner’s policy protects more than just your actual home or dwelling. In most cases, your insurance company should reimburse you for damage or theft affecting your dwelling, any structures attached to the dwelling, structures on your premises that are not attached to the dwelling, personal property, loss of use of your dwelling, and liability if you or another insured are found responsible for personal injury or property damage to another.

There is a wide variety of damages, conditions, and costs that are not covered by homeowner’s insurance. Here are just a few examples of situations that are not covered by a homeowner’s insurance policy: the land underneath your home is damaged, your claim exceeds your maximum stated coverage amount, you have flood damage, you have losses related to business activities in your home, your liability results from injuries suffered by a tenant, your claim is covered by other insurance, or your claim was caused by someone else who is insured under your party.

Your homeowner’s policy may exclude coverage that you can purchase by adding an endorsement to your policy. Other coverage, such as flood insurance, has to be purchased under a separate insurance program. Still other coverage can be obtained by purchasing a policy that covers a broader list of perils. The cost of homeowner’s insurance will depend upon the amount of your coverage, any endorsements you add to the policy, and the deductibles you choose.

How Do I Get It?

Homeowner’s insurance is not available to groups. Policies are written individually, typically at the time you purchase the home or at the time you take out a mortgage on the home. You can contact any homeowner’s insurance professional for information and quotes.