New York Home Insurance
Home buyers in New York can be happy about the fact that home owner’s insurance rates there is much lower than the national average. This is because of the fact that there are so many New York home insurance companies like that are competing for your business. Competition drives the insurance rates down, making New York home insurance rates some of the cheapest in the nation.
Choosing an Insurance Provider
If you have purchased a home in New York and are looking for a good home insurance provider, the first thing that you need to do is to check A.M. Best Rating. Checking the insurance company you are considering through A.M. Best Rating will give you an indication of how financially stable the insurance company is, and it will also tell you about their solvency. Checking the company out here first can save you a lot of headaches in the long run.
In New York, insurance companies that are licensed (admitted) are backed financially by the New York guarantor. If something happens, admitted companies are backed by the state, so you can be sure that your interests are protected. Also, for admitted companies, the state of New York has to approve insurance rates and coverage.
If you go with an unlicensed (non-admitted) company, be aware that they are not subject to the New York state guarantor, nor are their rates subject to approval. Also, their coverage is not controlled by the state. As a result, you will end up paying more for your home insurance coverage and the coverage you can get may not measure up. Strictly speaking, you will be paying more for less.
Choose Cheapest Rate?
While you are looking for New York home insurance and checking out the rates, remember that the lower priced insurance is not necessarily the route you want to take. Generally, the companies that give you the cheapest rates do not provide the best customer service. You need to check on their customer satisfaction rate and their willingness to cover any damages that occur to your home in a timely manner.
Carefully research all of your options and look at more than rates. What kind of area is your home located in? Is the home in an area prone to flooding? Is there a high rate of burglaries in the neighborhood? These are all important things to consider when purchasing New York home insurance.