The Best Homeowners Insurance Companies In NYC

By: Abdullah Haroon

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In the modern world, there is no concept of living without insurance. We need it for our health, for our education as well as for the shelter. From basics to luxuries, insurance is one way to get protection.

Homeowner’s Insurance plans have a wide range of covering property from natural disasters such as wind, fire, and flood to the individual liabilities like damage inflicted by any family member.

To have an insurance plan, you need to contract with the best in business. You shall consider the following questions in mind before hiring any company:

  • The net value of your apartment
  • Which plan suits you best?
  • How much budget you can afford to spare?
  • Do you need additional coverage?
  • What climatic threats to your area?

Note: Get a fair idea of your locality and choose your plan accordingly. If your area happens to be on an earthquake fault line or in the range of seasonal floods, then you shall customize your plan as per the conditions.

In a standard homeowner’s insurance, damage caused by hurricanes, tornadoes, and fires are included but for the flood and earthquake, you would be required to have a separate plan.

How to Find the Best Insurance Companies?

You must not be carried away with some of the most popular names just for their branding. Instead, pursue it like you chose your home. You shall go around and reach out to multiple companies and take their quotes. Once you take their quotes, compare the following factors and reach out at a decision:

  • Price
  • Policy Options
  • Claims Process
  • Customer Service
  • Billing Process

What Homeowner’s Insurance Policy Covers?

If we look at the most common practice in a homeowner insurance policy, it typically covers the following factors:

  • It covers the structure of the building for any damage caused by fire, hail, lightning, hurricanes, or any other natural disaster. However, it does not cover wear and tears maintenance.
  • It covers personal belongings in the house such as clothes, furniture, etc.
  • It also covers the liabilities if any damage is caused by any of your family members or even by your pet.

Most Common Factors of Home Insurance Losses:

Apart from the locality, there are three most common contributing factors towards the losses:

  • Natural disasters remain the topmost reason for insurance claims and unfortunately enough, NYC is also vulnerable to natural disasters such as hurricanes, blizzards, and, tornadoes.
  • Burglary is another most common reason that makes people take an insurance plan. Though NYC is not a high threat area when it comes to burglary, still there are surroundings where the risk is higher.
  • The fire remains the third most common reason behind homeowner insurance losses. Usually, it happens due to the negligence of someone but the damage that happened due to fire is irreversible. Do not forget to include it as well.

The Best Homeowner’s Insurance Companies in NYC:

While you may make a list based on your calculations, we have also prepared a list for you.

Let us get through it:

  • Farm Bureau:

Farm Bureau is one of the top-ranked homeowner’s insurance companies. It has a first-class ranking from reputable institutes.

They extend a customized approach to their client and tailor their policy according to the specific need of the customers. The process might be a little longer as you would be required to work with an agent to finalize the plan.

  • New York Central Mutual Insurance:

Unlike the conventional insurance company, New York Central Mutual is a mutual insurance company. The benefit of the clients is that they extend the best customer services. It is not that big a name as Farm Bureau but still, the offers are worth considering and they are capable enough to settle your claims.

  • USAA:

When you lookup for the homeowner’s insurance companies in NYC, USAA has to be there. If you check the online reviews, you would know how good they are.

They are best in giving policy as well as addressing claims. They are quite affordable and give discounts as well.

However, the flip side is that it is only available for the U.S. military and, their immediate family which means not everyone can get the benefit of it.

  • State Farm:

State Farm has a higher rating than those discussed above. They extend flexible coverage to facilitate their customers to the best of their capacity. Not only do they give good discounts but also take pride in giving the best customer service.

They are not only physically available but also a one-touch away via your mobile screen. They have made a beautiful app that would make things highly convenient for you to work on.

Final Thoughts:

Without a doubt, insurance comes with a cost and it might be hard for some people to manage it along with other mortgages. But the honest opinion is, it is always better to keep your belongings protected as one never knows what a new day brings for you.

We wish you a safe and secure life ahead.

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