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New York insurance providers look at several factors to determine what premium you will pay for your Homeowners Insurance but the first step is to figure out what type of policy is needed.
In New York City and Manhattan, most people live in cooperatives (co-ops), condominiums (condos), or rent a unit in an apartment building. Whether you own a Condo, a Co-op, a house, or rent in NYC you will still need a form of homeowners insurance. Let’s take a look at the different types of homeowner’s policies available in New York City and see which one is designed best for your situation.
Renters Insurance (Ho-4)- This policy is designed for individuals who pay to rent space, usually in an apartment building. The building is not owned by the renter so this policy only covers certain types of household personal property. It also provides coverage for personal liability protection and additional living expenses.
Cooperative Insurance (Ho-6)-This policy is designed for individuals who pay to own shares of the Co-op association. Technically speaking they do not own their individual unit but rather a portion of the building. This form of home insurance will protect the owner against losses to additions or betterments done to the unit along with coverage for personal liability protection and additional living expenses.
Condominium Insurance (Ho-6)- This policy is written the same as a co-op policy the only difference between a condominium owner and a co-op owner is the condo owner owns their specific unit-instead of owning 1/100th of the building (as in a Co-op). This form of homeowners insurance will protect the owner against losses to additions or betterments done to the unit along with coverage for personal liability protection and additional living expenses.
Homeowners Insurance (Ho-5)- This policy is the most common homeowners policy written in New York State but the least common found in Manhattan. Owners of single family houses in Manhattan are usually wealthy, upper class individuals that fit into the high net worth category. These policies are designed with every bell and whistle available and provide coverage’s far beyond the standard homeowner’s policy. Insurance companies like Chubb, PURE, and AIG’s Private Client Group insure the majority of the high net worth clientele in Manhattan.
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