NY Homeowners Insurance | Get Fast and Free Quote
Paying insurance on something that is less likely to be destructed, does feel like a leap in the dark.
However, you just might not realize the importance of having your home insured, especially in an unforeseen event that could make you temporarily lose a place to live or permanently.
This is where Smart Apple will help you get the best NY homeowners insurance policy tailored to your needs and your budget.
Get a fast and free quote for the insurance policy of your choice with Smart Apple.
There’s more to that than just receiving payment due to damage or destruction to the property.
A lot of lending facilities require homeowners to take proper insurance on their property, without that insurance they do not fund out loans.
If you have a friend like Smart Apple in your life, who has a great reputation with the lenders and is known to be associated with most credible and reliable home insurance companies, your troubles are over!
Banks and other lending institutions typically loan up to 80 percent of the home’s value.
Virtually all mortgage companies require borrowers to have insurance coverage for the full or fair value of a property. We at Smart Apple can assist you with all such concerns.
What is the best home insurance in New York, Manhattan or Queens?
While it seems like that home insurance is unimportant, you will think twice when your neighbors forget to press the brakes and instead accidentally press the race and end up hitting your front door or causing a hole in your wall.
That tall and big tree in your backyard drops down on your attic due to extreme wind, that’s when you will realize the need of home insurance, but it will be too late at that time.
So, better to be safe, than be sorry!
Homeowner insurance is as important as any other insurance.
It is your home to live, even if you are revoked the ability to live in your own home for one day and night, you will feel so terrible just like a homeless person, that will be the time when an insurance policy will come in handy, big time.
And if God forbid, you forget to turn off the stove in the kitchen, a slight spark can cause a fire so big that by the time you return from the picnic or a day off at sister’s place, the house will have turned to nothing but ashes.
This is where Smart Apple’s services will come in handy.
Home is a place that relates to your comfort, a safe haven, a place of memories, in short, it is your most important asset.
Protecting such an important part of your life should be everyone’s priority. Smart Apple makes it easier for you to protect your home by getting you the most transparent and beneficial home insurance policy.
As a coastal state on the Eastern Seaboard, the State of New York is susceptible to hurricanes, nor’easters, wind, and other large storms that can wreak havoc on your precious home — especially if you live on Staten Island, in New York City or near Manhattan.
Fire, theft and accidents are the kinds of threats that, if happened, might cause you to lose your sleep, but only if you did not have any home insurance policy.
Fortunately, Smart Apple offer its services to get you a fast and free quote for homeowners’ insurance.
Typically, insurance policies provide property damage protection due to:
➡ Any other covered disasters.
Also, protects personal property such as:
➡ Equipment and gadgets
Jewelry and expensive accessories (Needs special kind of coverage for that)
All of the homeowner’s insurance policy offers a different type of protection, but all the standard policies usually provide:
➡ Comprehensive coverage for any damage to your house and any permanent structures on your property (unless the cause of the damage is explicitly mentioned and is excluded in your policy).
➡ Any harm to your personal property due to the causes that are mentioned in your policy.
➡ If you are a jewel lover, there is usually limited coverage of $500 – $2,000 for that beautiful and graceful jewelry that gets stolen from your home, in an unfortunate event. But you need a special kind of coverage for that. Any addition or removal to the standard policy is possible with endorsements. Smart Apple can help you there as well!
➡ Special coverage for all the personal liability exposures that arise from being a homeowner.
➡ Not to mention, coverage for any additional costs you might incur because of a covered loss (usually you will need that in case of a loss covered by your policy requires you to live in a temporary place, such as the cost of living in a hotel).
In simple words, a homeowner’s policy provides:
Any damage to interior or exterior of the house.
Personal liability for damages or injuries to anyone on your property.
Additional living expenses coverage.
Other structures coverage. (Such as a fence or shed detached to your property)
If you live in an area that is prone to tornadoes, hurricanes, or floods, you are more likely to need an insurance policy on your home.
Even if that’s not the case, insurance policy on your home will help you even in case someone gets hurt on your property, such as kids playing and hitting their head on a slide or getting trapped in the fence.
There are different kinds of coverage for homeowners, we’ll discuss two important ones, Actual Cash Value, and Replacement Cost.
In the Actual Cash Value coverage plan, if your attic and roof get torn apart due to a heavy storm, the insurance company will reimburse you with the amount equal to the value of the property before the loss.
While the replacement cost would mean that you would get the amount of money that will equal to the purchase amount of new part of property, attic, and roof in this case.
The actual Cash Value plan will have a lesser policy rate, while replacement cost will have a higher insurance cost.
Guaranteed (or extended) replacement cost/value is the most comprehensive inflation-buffer policy which pays for whatever it costs to repair or rebuild your home—even if it’s more than your policy limit.
What factors determine the rate and cost of Home Insurance policy?
Insurance agents and brokers at Smart Apple will help you in educating you regarding how the NY Homeowners insurance works and what factors play an important role in determining the rates of the policy.
Especially if you are in Queens, Brooklyn, Bronx, Staten Island or Manhattan. Smart Apple will help you get a free and fast quote.
To understand how rates work, the most important thing to consider is the likelihood that a homeowner will file a claim, it is the probability that the homeowner will request a reimbursement.
From the insurer’s eyes, it is the perceived risk that they will have to pay for a loss.
So, if there’s more chance of a loss in an insurance policy, then the rate will also be high.
Then there is the history of the location, if there has been a previous owner who filed a claim, then that means there is a high chance of claim at that location.
Coverage: On the very basic level, the type of coverage you choose will determine the rate and how much personal property and liability protection you want your home insurance policy to cover.
Location: The address of the home, ZIP code, neighborhood, crime rate, and claims history of the area.
Construction: It is important that how the house was built, what material was used, and if the foundations are strong. If a custom home is being built additional coverage may be required to cover the construction site.
Age and Condition: How new or old the house is, its current condition, and the upgrades that were made to an older home, all these depend.
Replacement cost: The replacement of cost is the cost of rebuilding the same house, or replacing the part of the house. This is typically assessed by a professional appraiser.
Swimming pool: If you have a swimming pool in your house, then it may increase your liability coverage to cover possible injuries resulting from the use or presence of the swimming pool.
Home-based business: If you run a business from your home, it may increase your premium to cover the inventory, equipment, and supplies.
Pets & dogs: Even having a pup in your home can increase the rate as some dog breeds are likely to be aggressive and sometimes rip off the furniture or accidentally damage any home appliances.
Weather conditions: If you live in New York, then you probably know the risk of weather-related catastrophes, such as hurricanes.
Smart Apple can assist you with getting you a fast, cheapest, and a free quote if you live anywhere near Manhattan, Bronx, Brooklyn, Queens, or Staten Island.
Currently insured value of home: If you already have an insurance policy or have had one previously in 3 to 7 years. Then this will decrease the cost.
If you wish to calculate the insured value of a home then it requires accurate information about your home’s construction, it is not a very complex calculation since it only considers the cost of rebuilding your home in the same location with the same or similar quality of materials.
Some other policy choices you make also have an effect on your home insurance rates but usually, it is on a lesser degree.
If you choose a special rider that increases your coverage for equipment used in a home business, for example, your home insurance rates would be a little higher to reflect the increased coverage.
You must be wondering, what is a Rider?
We’ll explain, a rider is an insurance policy provision that adds benefits to or modifies the terms of a basic insurance policy.
Riders usually provide options such as additional coverage, or they may even restrict or limit coverage. So consider it as a rewriter for making changes to your standard insurance policy.
Now let’s talk about the different types of insurance policy forms varying mainly due to the type of homes and requirements as per the insurance holder.
In New York, Brooklyn, Bronx, Queens, or Staten Island, the most common type of housing unit is the detached single-family home, which can be insured under one of five different policy forms that are explained below.
1. HO-1 – Basic Form
The most basic form of homeowners’ insurance is the most limited in terms of coverage, for obvious reasons. Your home and personal belongings are covered at their actual cash value (as explained above)
This form protects your home and personal belongings against 10 named perils, which means only these specific causes of damage or loss are covered:
➡ Falling objects
➡ Fire or lightning
➡ Windstorm or hail
➡ Riot or civil commotion
You mustn’t bore yourself with this kind of policy, as it nearly does not exist and barely ever anyone buys it.
2. HO-2 – Broad Form
Homeowners 2 is the broader form and definitely upgrades from HO-1, which means it includes everything from the previous form plus the mentioned.
HO-2s cover the dwelling at its replacement cost (difference explained above) and personal property at its actual cash value.
It also protects your home and personal belongings against six additional perils, limited to:
➡ Weight of ice, snow, or sleet
➡ Sudden and accidental damage from an artificially generated electrical current
➡ Volcanic Eruption
➡ Accidental discharge or overflow of water or stream
➡ Sudden and accidental tearing apart, cracking, burning, or bulging of a built-in appliance like a water heater or centralized air conditioner or heating system
3. HO-3 – Extended or Special Homeowners Form
HO-3 policies are the most commonly used simply because of their broad range of coverage. It is most suitable for homeowners.
The HO-3 covers almost any peril except those specifically excluded (such as earthquake, flood, landslide or mudslide, nuclear accident, and sinkholes).
Normally, HO-3 policies cover your home at its replacement cost and personal property at its actual cash value.
Most insurance companies allow adding a replacement-cost endorsement to your personal property coverage for a small addition in the premium.
Some companies may even include replacement cost personal property protection in their base policy, how about that.
4. HO-5 – Comprehensive Form (Most expensive)
This type of policy forms are like an HO-3 but as the name suggests, it is the most robust form of NY homeowners insurance.
But unlike the HO-3, the HO-5 is more comprehensive and covers personal property from almost every peril, unless the item is explicitly excluded.
The comprehensiveness of the coverage makes this policy cost more than others.
➡ With the comprehensive forms, the dwelling and personal property are insured at their replacement cost by default. Under most HO-3s, you need to add replacement cost protection for your personal property.
➡ HO-5 policies provide complete risk coverage for your home and also your personal belongings.
➡ HO-5 policies also include increased coverage limits for the highly expensive types of properties with normally strict coverage limits, including jewelry, fine furs, and certain gadgets and electronics.
5. HO-8 – (For Older Homes)
An HO-8 policy form is designed for older homes that have a replacement cost that exceeds the actual cash value of the home.
This type of policy is suitable for homes that do not meet the standards of conventional insurance policies. Usually, these homes are 40 years old.
It is very similar to HO-1 basic form policies, as HO-8s only provide coverage for 10 perils, and reimbursement is determined by the home’s actual cash value instead of the replacement cost.
In the event of a loss with having HO-8 policy, the payout of the actual cash value would be much smaller than that of the replacement cost. That is why HO-8 policies are more affordable.
All these forms are for single-family homes. Next is for Renters and Condo or Mobile Owners.
6. HO-4 – (Renter’s Insurance)
HO-4 policies are created specifically for those who lease homes, apartments, or condos. Renters insurance covers your personal property both inside the rental property and anywhere in the world.
It also covers your liability and your additional living expenses if your apartment is damaged and you temporarily need to live somewhere else.
HO-4 (Renters insurance) covers the same-named perils found in the HO-2 and HO-3 policies. Aside from that, your personal property is usually covered at its replacement cost which is the best.
7. HO-7 – Mobile Home Form
Mobile home insurance is basically more like an HO-3 policy but it is purposely designed for mobile homes, which cannot be covered under a normal single-family home policy as it is not considered a single-family home.
Following is the list of mobile homes that are covered under HO-7 policies, they include but aren’t limited to:
➡ Sectional homes
➡ Modular homes
➡ Park model homes and RVs
➡ Trailers, travel trailers, fifth-wheel trailers
➡ Single-wide manufactured and single-wide mobile homes
➡ Double-wide manufactured and double-wide mobile homes
8. HO-6 – (Condo Owners and Co-Ops)
HO-6 policies are designed exclusively for condo owners and co-op tenants.
The type of policy you will get here also depends on a few factors, as every condo or co-op association has different insurance policies and levels of protection.
As a condo owner or co-op tenant, you have the right to review the insurance policy the association has in place.
It is important that you review all your options especially before finalizing a purchase on policy, the reason being that you do not want to get a policy that covers too little or have coverage that overlaps with the coverage from the association.
Condo owners require an HO-6 policy to cover the parts of the building that they own — to be precise, the walls of their unit, and everything within it.
At times, a condo association is only responsible for common areas of the building, landscaping, and the bare walls, the floor, and the ceiling. An HO-6 policy is especially important in that circumstance.
Co-op insurance is a little different from that. That is because co-op tenants do not own their unit completely— they only own a share of the whole building.
Although co-op owners are considered tenants, they require an HO-6 instead of the renter’s insurance because of their ownership stake.
Like condo associations, co-op associations’ coverage might be limited.
You can consult your insurance needs with Smart Apple, after carefully assessing your needs and the plan that best suits your needs, you can get a fast and free quote anywhere in Brooklyn, Bronx, Manhattan, Queens or Staten Island.
Home insurance discounts are very much possible if you bundle up your insurance policies with others, that means purchasing two or more qualifying policies from the same insurance company, or based on safety-related criteria.
For example, some discounts are claim-free which are common in the industry, all you gotta do is be careful in and around your home.
Not all insurers offer the same discounts and every insurer might have a unique policy of their own, the amount of a given type of discount depends widely from one insurance to another one.
Some of the discounts can be a great way to decrease the overall cost of your premiums but what you really want to consider is how well your home is protected and are you paying a fair price for the coverage that you have chosen.
Among others, the following are some of the more common discounts for NY homeowners insurance:
➡ Multi-policy discount
➡ New construction discount
➡ Claim-free discount
➡ Safety feature discount
➡ New home buyer discount
➡ Pay in full discount
➡ Alarm discount
Welcome discounts for new customers
One of the easiest ways you will catch a discount and find lower rates is if you’ve been continuously insured for the past 3 to 5 years for if you’ve owned a home during that time.
Another thing to keep in mind is to beware of discounts that expire, such as welcome discounts.
Over time, these discounts become inapplicable, the great price you got on your home insurance can become high over than you expected.