Is home insurance required in New York?

Whether you have purchased a house in upstate New York or have purchased a building in Manhattan, you are not required by the state of New York to obtain a home insurance policy, but your mortgage company, bank, or another lender will more than likely require it. Ultimately, it is better to have an insurance policy for your home in case of an emergency or disaster.

What Does Home Insurance Cover?

One part of a home insurance policy is dwelling coverage which will cover your house itself. This policy will pay to have your house replaced, at its current value, if it is destroyed by something, such as a fire or tornado. Once your deductible is met, your insurance policy will take over and cover the majority of costs.

Other Structures are Covered Too

Your home insurance policy can also cover other structures on your property. This would include buildings, such as your garage, shed, fences, and even gazebos and desks.

Protect the Contents

Your home insurance policy will cover the contents inside your home, including things like your appliances, furniture, and clothing. Other items, such as jewelry, certain musical instruments, and other extra items, can also be covered.

Living Expenses

If your home is damaged by a fire, tornado, or hail, your policy can cover your living expenses at a place you will have to stay at until your home is repaired or replaced temporarily. This comes in handy if you have to stay at a hotel or rent another house until your home is rebuilt and livable again.

Liability Insurance and Medical Payments Coverage

Liability insurance coverage will protect your assets and your home if someone is visiting you, is injured, and decides to file a lawsuit against you. It will also cover you if you accidentally damage someone else’s property too. If a visitor to your home is injured, a medical payment policy will cover a portion of their medical bills.

To create the best home insurance policy for you and your property, contact the home insurance agents at Genesee Valley Agency in Arkport, NY.