Homeowners insurance rates in The Big Apple are some of the highest in the nation. Here's how to find the best homeowners insurance rates in New York City with the best companies.
Homeowners insurance protects more than just your home. Here's a breakdown of what it covers:
* It pays to repair or rebuild your home when it's been damaged by fire, plumbing leaks, vandalism, or acts of nature.
* It pays to replace your personal possessions when they've been stolen or when they've been damaged.
* It pays your court costs, legal fees, and court-awarded damages to anyone who hurts himself in your home and sues you.
* It pays for your extra living expenses when your home is damaged and you need to live somewhere else until it's repaired.
In order to get the best rates on homeowners insurance you need to compare rates. There are insurance comparison websites that will give you rate quotes from different A-rated companies so you can compare them and choose the cheapest policy that best fits your needs. (See link below.)
To lower your rate even further, follow these guidelines:
1. Insure your home, not the appraised value of your home and land. To find out how much coverage you need, ask a local builder or real estate agent what the square-foot construction costs are in your area, then multiply that figure by your home's square footage.
2. Get the highest deductible you can afford. The deductible is the amount you pay toward a claim before your insurer will pay. Raising your deductible from $ 500 to $ 1,000 will save you up to 25% on your premium.
When you purchase homeowners insurance you want to make sure you get it from a company that's reliable, will give you good service, and will pay your claims on time. Here are two websites that rate insurance companies:
AM Best (ambest.com) rates companies based on their financial stability. These ratings give you a good idea of a company's ability to pay its claims.
JD Power & Associates rates companies based reviews from customers who own policies with those companies. These ratings give you a good idea of how a company treats its customers and how well it pays its claims.