Are you relocating to NY or buying your first home? You may be wondering, “How much does home insurance cost in NY?
This is a very difficult question to answer but we can give you some guidance. The average New Yorker pays a yearly premium of $1,256, according to Trusted Choice. This is more than the national average of $1,132.
Premiums for home insurance in NY will vary greatly depending on many factors. These factors include:
- Where is the home located? The further you are from a fire department, the more expensive your insurance will be.
- What is the replacement cost of the home? The more it cost to rebuild your home, the higher your insurance will be.
- Have you submitted claims on a homeowners insurance policy? If you have submitted claims on prior home insurance policies, your new rates will be higher.
- Is the home vacant or occupied? A home insurance policy for a vacant home will be more expensive than an occupied home.
- Are you occupying the home, or will you have tenants? A home that is occupied by the owner will cost less than a home occupied by other tenants.
- Is the home in good condition or does it need repairs? A home that does not require a new roof or new siding will have cheaper
- Do you have good or poor credit? Most insurers favor policyholders with good credit.
- Are you able to bundle your auto and home insurance with the same insurance company? Insurers who write both home and auto will provide significant discounts if you buy both the home and auto insurance from them.
The best way to figure out, “How much does home insurance cost in NY?” is to work with a local agent. Find an insurance agent near your home who can provide you with the proper advice when buying home insurance. In addition to pricing the insurance, an experienced agent will able be able to tell you how much coverage you should have.
Every insurer has their own way of determining home insurance premiums. So it makes sense to work with an insurance agent that represents many different insurance companies. That agent will be able to find you the best price and coverage whether you have good credit or not or if you home is vacant or occupied. The agent will also maximize any discounts available.
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Disclaimer: This article is for informational purposely only. There is no legal advice being suggested. The author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.
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