Determining the Cost of Staten Island Homeowners Insurance

Determining the Cost of Staten Island Homeowners Insurance Determining the Cost of Staten Island Homeowners Insurance

New Yorkers are fortunate to have a competitive insurance market vying for their business which offers a wide variety of insurance options, coverage and services. A highly competitive market typically helps drive premiums down making it more affordable to access the best coverage and protect all your assets. The average homeowners insurance premium across New York is roughly $560, however the rate you pay as a property owner or tenant will fluctuate based on a variety of factors.

The location, age and type of structure you reside in have a substantial impact on the premiums. A home located in a community with higher crime rates, vandalism and other threats will affects the cost of securing protection. Proximity of fire protection service, medical facilities and police stations can also impact insurance rates. Building materials have differing durability and susceptibility to hazards such as fire and flood. Houses built with more durable and sustainable materials are often present less of a risk for insurers and are therefore cheaper to insure. A home made of brick, for example, is more resistant to fire damage than wood frame dwellings and are therefore often less expensive to insure against damages. Age is also a consideration factor when insurers draft a policy. Older homes can often pose greater safety risks and require more maintenance for upkeep and improvements. Many require special liability coverage additions, if the home is protected as a historical fixture or landmark for instance, or costly renovations to bring older structures up to code so they may qualify for an insurance program.

Amount and types of coverage you choose will also highly impact your Staten Island Homeowners Insurance premium. There are a number of policy additions such as excess liability, high value artifacts and flood coverage which will increase the amount of coverage afforded to a homeowner but also affect prices for coverage. Policies established with high limits and low deductibles will cost the policy holder more upfront, but yield greater protection in the event of a calamity.  An insurance deductible is the amount of loss that a homeowner must bear before you are eligible for an insurance payment. Lower deductibles will result in higher premium costs, because the policy holder is assuming less financial responsibility for any losses.

Many insurance providers will extend discounts to clients who take out multiple insurance lines with that company. These Multi-policy discounts can also help reduce the premiums you face as a homeowner.

Whether you are new homebuyer seeking to protect your big investment or a seasoned policy holder it is essential to understand the full scope of risk exposure you and your property face so that you can plan accordingly. New York Department of Financial Services offers some great introductory resources to help property owners better understand the nuances of Staten Island Homeowners Insurance. For a more thorough understanding and personalized care, The Rubin Group is glad to help you determine the preferred coverage to fit your needs. We offer a complete array of Personal Property insurance solutions, from New York Homeowners policies to renters coverage and even vacations home protection. Let us put together the best possible Staten Island Homeowners Insurance policy for you, at the most competitive price we can find. Give us a call today at (877) 806-7239 for more information.