New York Home Owners Insurance - Bear These In Mind
By Aaron Stone
1. You have the option of either buying a named peril homeowner's insurance policy or an all risk homeowner's insurance policy. With a named peril policy you only get coverage from only risks mentioned in the policy while an all risk policy gives coverage from all risks apart from those that the policy excludes.
A named peril policy is definitely the cheaper option. But unless you're sure it gives you the right coverage, don't go for it. You can look for other ways to save if buying a named peril policy does not give you adequate coverage. You may be full of regrets if you go for it even if it's inadequate.
2. Have you made plans for your deductibles? The amount you'd have to pay for each peril is not the same in every state. Please, note that perils generally attract higher deductibles in direct proportion to how likely they are to occur in a place. Florida, for example, attracts higher deductibles for wind and water damages than California since they are more likely there. You're advised to have a good plan for such deductibles since you'll have to provide this first before your insurer will fulfill its part. Find out from your agent what each is and make good plans for them. Don't delay yourself in future when you might need to make a claim.
3. The most important route to reasonable savings in home insurance is comparison shopping -- Provided that you do it correctly. You can get quotes that will have a range in excess of $1,000. You could conveniently save that much by simply picking the lowest quote. This should be the case if you're simply after the lowest price.
However, if you're after the best value to price ratio then you'd have to check the details of the cheapest quotes. Different insurers may have slight differences for similar policies. It's important that you ask the agent what's included and what's excluded.
Here are my favorite pages for home insurance quotes...
