Your Guide to Buying a Home Insurance Policy in New York

No matter where you live, house insurance is likely to be a part of your life. While regulations and rates vary from state to state, consumers across the nation face similar issues. Your individual state's location and factors such as climate or property values can affect the price you will pay. You also may need to consider supplemental coverage for earthquakes or floods. According to the Insurance Information Institute, New York residents pay on average $869 a year for premiums. Nationally, the Empire state ranks 8th in average homeowners and renters premiums.

How to Choose the Right Protection

More than 200 providers currently offer coverage in The Big Apple - those premiums account for nearly $2 billion annually, according to the state. There are several different types of policies offered in New York, ranging from basic to comprehensive packages. Residents in the state can choose from five types of policies for families who have one or two residences, or another form of policy for owners of condominium properties. There also are policies for tenants. When evaluating your proposed plan, you should take the time to understand which types of claims are covered. The state regulates these types of policies very specifically, so it is important to understand what kind of protection you will receive:

Tips for consumers

Your plan exists to protect you in the event of a natural disaster, theft or some other emergency. You should always review your plan to understand the types of events covered. If you think you need supplemental protection, be sure to contact your insurer immediately. There are several factors related to premiums you should consider as you evaluate your plan: