What Determines Your NYC Home Insurance Rates?

Apr 19, 2019

19 Apr
Understanding Insurance

What Determines Your NYC Home Insurance Rates?

by John Malone

If you own a home that’s encumbered by a mortgage, your lender likely requires that you have home insurance, which covers losses caused by fire and storm damage as well as medical expenses if someone is injured on your property. NYC home insurance rates are higher than the national average due to the city’s high population density and relatively high levels of crime.

But location is only one of the many factors that affect NYC home insurance rates. Here are 8 other factors to keep in mind.

Some Factors that Impact NYC Home Insurance Rates

  • Previous claims

The more previous claims you have, the higher your rates are likely to be. More claims means a higher perceived risk.

  • Home remodeling

Home improvements tend to increase home value, and the greater the value of your home the more insurance coverage you’re likely to need. Large improvement projects may increase your premium, but you’ll know where that money went when you receive your claims check!

  • Dog breed and history

Dog bites account for over one-third of homeowners insurance liability claims. If your dog has a history of biting people, or if you have a breed that’s considered aggressive, you may find yourself paying higher rates.

  • Age and material of home

The age and construction material of your home affects the home’s overall value, making these two factors key determinants in NYC home insurance rates.

  • Wood-burning stoves and fireplaces

Combustion increases the chance of fire, and wood-burning stoves and fireplaces present far greater risk than modern appliances.

  • Home office

If you work from home, and especially if your work require expensive equipment or tools, your home insurance rates may be elevated.

  • Home security

Home security features like burglar alarms and cameras are likely to lower your NYC home insurance rates. A lack of home security features may result in higher rates.  Even relatively cheap home security devices offer added protection and could reduce your rates.

Choose TSC Direct for Affordable NYC Home Insurance Rates

If you are looking for lower NYC home insurance rates, look no further than TSC Direct.

Since 1986 we have been known for our efficient claims process, our lower rates, and our superior service. When possible, we deliver claims checks to NYC residents by hand rather than putting them in the mail.

Get your home insurance quote below in as little as 2 minutes to see how much you can save with TSC!

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Since 1986, we have offered the most competitive rates in auto and homeowner's insurance in the New York metropolitan area. Why should everything cost more just because we live in the greatest city in the world? Take 2 minutes and get a free quote today.
As of December 31, 2018 Tri-State Consumer Insurance Company, known by its trade name, TSC>Direct, had admitted assets of $103,374,630 and policyholders surplus of $41,898,069.
Its total liabilities were $61,476,562 including $42,261,317 in reserves.
2018 All Rights Reserved. Tri-State Consumer Insurance Company, a division of Tri-State Consumer Inc., 100 Jericho Quadrangle, Suite 124, Jericho, NY 11753-2702
Providing auto and homeowners insurance to: New York City, Queens, Manhattan, Brooklyn, Bronx, Staten Island, and Nassau & Suffolk Counties in Long Island. Providing homeowners insurance also to: Westchester County and Orange County NY.