Finding the best homeowners insurance in New York can be a daunting task. What really is the “best”? Is it the lowest price? Is it the highest rated company by AM Best?
Let’s clarify “the best” …..What you really want is the “best” deal or the lowest premium for the highest value product. There’s good news, New York has one of the most competitive insurance markets.
Many consumers make the mistake of choosing the cheapest premium with little regard for value in the insurance company. Look for an insurance company that is A+ rated by AM Best (industry standard for financial stability). The insurer you select should offer a competitive price and deliver the quality claims service you would expect. Follow this process to get the best homeowners insurance policy in New York.
1.) Shop the entire market– There are over 40 different insurance companies writing homeowners insurance in New York. You should get proposals from at least 5 of the highest rated carriers.
2.) Analyze the coverage– Make sure the quotes you’re getting offer exactly the same coverages. Some agents will try to “low ball” your dwelling coverage with the hopes of offering you a lower premium and thus making a sale. Insist that agents preparing proposals for you use the same reconstruction value when receiving quotes. Make sure the agents offer you replacement cost coverage on both your dwelling and personal property coverages.
3.) Compare deductibles– Ask for a range of deductibles. Most likely a $500 deductible will be too low. Aim for a $1000 deductible or higher. This will save you around 15%-20% per year.
4.) Maximize discounts– Do you have a central station alarm system? Was your home recently updated with a new roof or electrical system? Some companies will offer discounts for updated homes with alarm systems.
5.) Avoid Bells & Whistles– Added coverages like Identity Fraud , Off-Premises Theft Coverage, and Earthquake coverage are available, but at a large cost. Often these coverages go unused and you will pay a significant premium for them. Most consumers know their own risk tolerances. Try to stay within those tolerances and weed out the unnecessary bells and whistles.
6.) Have a trustworthy agent– Get to know your agent. How long have they been in business? Do they return your calls promptly and answer your questions thoroughly? You should feel comfortable asking direct questions about your insurance and getting satisfactory answers about coverages and premiums.
Coastal insurance solutions offers competitive rates for condo, apartments, co-ops and homes in the NYC area.