The New York home insurers' market is a very competitive one, and has been so for many years.
According to the New York State Insurance Department, nearly 200 insurers currently write home insurance policies in New York, generating over $2 billion in annual premium.

Our homes represent the largest investment most of us will ever make. Home and property loss can be devastating and unexpected, so it is vitally important to hold sufficient coverage to help ease any economic and emotional hardship this could bring you and your family.

Choosing Your Home Insurance Policy
New York home insurance policies are sold on either a monoline basis or as a package policy. A monoline policy contains coverage of only one type, while a package policy includes several different types. Package policies are generally less expensive than those purchased separately; New York homeowner's and tenant's policies are sold in packages that protect against liability, property, theft, and medical payments.

Available homeowner's policies in New York include:
Homeowner's - 1 (HO-1)—A basic policy insuring your home and its contents against certain perils such as fire or smoke damage, windstorms, hail, explosions, bodily injury, medical payments, and vandalism and malicious mischief. Offered by very few insurers, due to its narrow coverage definitions.
Homeowner's - 2 (HO-2 )—Insures against perils in the HO-1 policy, as well as against falling objects; weight of ice or snow; damage resulting from an accidental discharge or overflow of water from within a plumbing, heating or air conditioning system, or automatic fire sprinkler system; and electrical damage to appliances.
Homeowner's - 3 (HO-3)—The standard and most-widely-used policy. Covers your home for all risks of physical loss except those specifically excluded. Also offers coverage for loss of your home's contents. Tenant's/Cooperative Owner's - (HO-4)—Insures against damage to an apartment's contents and against personal liability suffered in the insured's unit.
Homeowner's - 5 (HO-5)—Protects your home against the same perils as HO-3, in addition to covering your personal possessions for all risks of physical loss, except those specifically excluded.
Condominium Unit Owner's - (HO-6)—Provides the same coverage as HO-4, but used in insuring condominiums.
Homeowner's - 8 (HO-8)—A modified version of the HO-1 policy, providing actual cash value coverage instead of replacement cost coverage. Generally used when replacement value exceeds the home's worth.

How Much to Buy

Determining the type and amount of New York home insurance coverage you need takes a thorough analysis of several factors. These factors include your home's construction materials, its age, and the personal property contained within, as well as your monthly finances and budget.

You should buy just enough New York home insurance to provide adequate coverage in case of a loss, but not so much that you cannot afford to pay your premium. Talk to a New York home insurer to determine the amount of coverage you need.

Selecting an Insurance Agent/Company
Becoming informed on how to select a knowledgeable New York home insurance agent is one of the best ways to ensure your family's future security and safety.
When selecting a New York home insurance agent or company, choose one that is state licensed. This should ensure its expertise.
Comparison shop to make sure you get the most coverage for your money. Check a company's rating on the Internet or at your local library through firms such as A.M. Best, Standard & Poor's, Weiss Ratings Inc., or Duff & Phelps. These ratings services provide you with the company's history, financial stability and customer service scores.

Claims Settlements
There are two methods New York home insurance companies use to settle your homeowner's insurance claim. The method used determines the amount you pay in premiums and the amount you receive in the event of a claim. One technique is insuring for your home's actual cash value. This pays you for the replacement cost of your home minus its depreciation. This means you are reimbursed what your property was worth immediately before your loss. Another technique is insuring against your home's replacement cost. In this case, you are paid what it would cost to rebuild or replace your home using similar materials, up to the limits of your policy. This method pays you more because there is no deduction for depreciation. However, it requires insuring your home for at least 80 percent of its replacement value.

Cancellation/Nonrenewal
New York law states that a homeowner's insurance company may cancel your New York home insurance policy during the first 60 days it is in effect. However, your insurance company must provide the specific reason or reasons for the cancellation in order to do so. After your policy has been in effect for 60 days, it may be cancelled or nonrenewed for following reasons only during the remainder of the first three years:

Nonpayment of premium
Conviction of a crime
Fraud or misrepresentation in obtaining the policy
Willful or reckless acts of omission
Physical changes in the property which cause it to become uninsurable
Continuation of the policy violates or causes the insurer to violate the law
Your New York home insurance company may again refuse to renew your policy after the first three years; they must, however, provide you with at least 45-60 days written notice of nonrenewal

You can pay far less for your New York home owner insurance policy if you do or take note of a few things. A lot of folks are paying much higher New York home owner insurance rates than they should simply because they don't know these things...

1) Newer houses are cheaper to insure. Expect savings of up to 15 percent for a new home. The plain reason for this is that a new home typically has electrical, plumbing and heating systems that are in good shape. You don't normally have a worn roof on a brand new house, do you?

2) If you've just renovated your home you should get discounts on your New York home owner insurance policy. The reason for this is that just as the structure, features and fittings in a brand new house are in perfect condition, a renovated home as well has been returned to excellent condition.

All renovations won't result in similar savings since the degree of renovation done is rightly a defining factor. To be sure of what you'll get, ask your agent.

3) The material used in your home's construction will as well make you pay a lot more or less for your New York home owner insurance policy...

Folks in the East get lower rates if their house is built with brick. If you compare a brick house to a frame house, it is certain that the brick house will have more resistance to wind damage.

Conversely, those who live in the West attract lower rates if their home's construction material is frame. This is due to the fact that earthquakes are perils in the West and frame homes survive earthquakes more.

Choosing the most appropriate material will attract close to a 15 percent reduction in your New York home owner insurance premium depending on the insurance provider.

4) Take out some time to visit a minimum of three insurance quotes sites that provide New York home owner insurance quotes. Doing this gives you a broader basis for doing better comparisons thus increasing your chances of getting better New York home owner insurance coverage for much less.

Every homeowner knows how important it is to have a home insurance policy. Losing one's home or property to fires, floods, earthquakes and other natural and man-made disasters can be devastating. Since no homeowner can pinpoint exactly when something tragic or unavoidable will happen to his or her home and property, it is all the more reason to be prepared. A home insurance policy gives a homeowner some protection.

Home insurance covers the homeowner in case of total loss of home or property caused by a disaster. In short, home insurance protects a homeowner from damages caused by "acts of God." In addition, home insurance also protects the homeowner from sole liability if someone who doesn't live in the home meets an accident within the property.

Check your home insurance policy and see if it covers your home under the "all risks" clause. In simple terms, the "all risks" clause means that as long as the policy is intact, it will cover your home and property in the policy in any circumstance, with the exception of those circumstances that are in the exclusion clause. To illustrate, under the "all risks" clause, your home is covered for damages caused by fires, earthquakes and vandalisms. If the policy doesn't include flood damage in its "all risks" clause, it means that your home insurance will not cover damages to your home caused by flood.

A good home insurance policy in place will protect you from catastrophes and other unfortunate events that may befall your home and property. Not only does home insurance protect you financially, it also protects you psychologically since having a good home insurance policy gives you peace of mind and security.