In New York city, as in the whole US, especially relevant insurance policies of Home Insurance NY (therefore we are interested in insurance only in New York) have a high degree of exposure hedging unification. In all country (yet except for Texas) 7 main types of insurance policies are used. First of all standard instruments the individual homeowner insurance protection or renter is clustered. Also among widespread extra terms, which are laid down by insurance agent, is a demand of inflation registration. It gives some increasing of policy price. And also it’s franchise, so to say the minimum level of loss, which insurance agent covers by himself. The most widespread franchises are of 250, 500 і 1000 $ price. Franchise is very attractive for insurance agent, because lets reduce insurance tariff for 20-30%.
Furthermore home you can insure some separate buildings and additional storeys to the main dwelling: garage, pool etc. within limits of 10% of price and green plantations to 5% of price.
In residents of New York and ather cities during the long period developed some reflex for home insurance. Yet the matter isn’t only in disseminating by mass media impressive pictures of damages caused by typhoons and hurricanes. Especially relevant, the whole dwelling is instalment selling and one of the obligatory terms of credit is insurance of purchased house or apartment.
And is a good reason for insuring client not only from accompanying risks but also from possible misfortunes. Most of all time extra insurance policies of utensils and jewelleries, car insurance, incidents insurance and even credit card insurance.
The main types of insurance policies of Home Insurance NY
1-HO. (Homeоwners-1). So is the main type of home insurance ny policy. Protects living quarters and property from 11 types of risk: fire or lightning strike; damage from storm or torrent; explosion; riots or disturbances; plane crash; automobile-pedestrian accident of vehicle; losses from smoke; vandalism or malicious mischief; robbery; damage of materials which are the part of building, volcanic eruption.
2-HO. Gives protection of living quarters and property from 17 types of risk. That are risks from HO-1 plus additional: from falling objects; damages from ice, snow or hail; damages from water usage in house utensils and devices (3 risks): from damage because of power surge.
3-НО. In addition to risks from HO-2, it gives protection from any other losses, which were not mentioned, except from flood, earthquake, war and nuclear attacks.
4-НО. In addition it is for householders. It spreads protection from risks of HO-2 only at personal property. Apartment or house are not the objects of insurance.
5-НО. Protection of buildings and personal property from all kinds of risk. This form of policy is recently less sold.
6-НО. Analogue of HO-2 for condominiums (cooperative societies). Furthermore personal property also includes insuring of some elements of building, in which an insurance agent has insurable interest.
8-НО. Analogue of HO-1. In addition it is for houses which has historical and architectural value. Therefore, includes coverage of expenses for restoration of architecture image.
In conclusion, if you need a help with policy choice, you can fill in the insurance quote online right now or call directly to our office of nyc insurance company. Almost together with our insurance agents you can choose the best solution in sphere of Home Insurance NY.