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.
The more previous claims you have, the higher your rates are likely to be. More claims means a higher perceived risk.
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 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.
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.
Combustion increases the chance of fire, and wood-burning stoves and fireplaces present far greater risk than modern appliances.
If you work from home, and especially if your work require expensive equipment or tools, your home insurance rates may be elevated.
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.
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!