Homeowners insurance in New York, compared across carriers
Homeowners insurance protects the house you own, the things inside it and you, if someone is hurt on your property and blames you. For homeowners in Westchester, Long Island, Brooklyn, Queens, Staten Island and the nearby suburbs of New Jersey and Connecticut, the right policy depends on how the home was built, what it would cost to rebuild and how much you have to protect.
Gordon Companies is an independent, family-owned brokerage working out of Midtown Manhattan since 1968. We work for you, not for one insurance company, so we compare policies from several carriers and explain the differences in plain English. When you call, you speak with a real person who knows your file.
What a homeowners policy covers
Most homeowners policies are built from the same core pieces. The limits, exclusions and endorsements on each piece are where policies start to differ.
- Dwelling: the house itself, including built-in features like kitchens, flooring and systems.
- Other structures: detached garages, sheds, fences and similar structures on the property.
- Personal property: furniture, clothing, electronics and other belongings, at home or often while traveling.
- Loss of use: extra living costs if a covered loss forces you out of the house while it is repaired.
- Personal liability: legal defense and damages if you are responsible for injuring someone or damaging their property.
- Medical payments to others: smaller medical bills for guests hurt on your property, regardless of fault.
Replacement cost versus market value
Your dwelling limit should reflect what it would cost to rebuild the house, which can be very different from what it would sell for. Older homes with plaster walls, custom millwork or slate roofs can cost far more to rebuild than a buyer would pay. We look at how your home was built before we suggest a limit.
Jewelry, art and other valuables
Standard policies typically cap what they pay for categories like jewelry, watches, silver and furs. Scheduling those items on the policy, or on a separate valuables policy, can give them their own coverage. For larger collections and more valuable homes, a high net worth policy may be the better fit.
What New York homeowners should know
Homes around New York City come with their own set of questions. A few we raise with almost every client:
- Flood is usually excluded. Most standard homeowners policies do not cover flood, so homes near the coast, rivers or low-lying streets may need separate flood insurance.
- Wind and storm deductibles. Some policies on coastal properties carry separate deductibles for hurricane or windstorm losses. We point these out before you buy, not after a storm.
- Water backup. Damage from a backed-up sewer or drain is often excluded unless you add it by endorsement.
- Rentals and vacant homes. If you rent the house out or it sits empty, a standard homeowners policy usually is not the right form. We can place a specialty dwelling policy instead.
If you own an apartment rather than a house, the coverage works differently. Our page on condo and co-op insurance explains how unit-owner policies fit with a building’s master policy.
How we shop your homeowners policy
Because we can quote with several carriers, we can match your home to the companies that want to insure it. Price matters, but so do the policy form, the claims experience and the endorsements available.
What affects the cost
- Where the home is and how close it is to the coast or a fire hydrant
- Age, construction type, roof and the condition of plumbing, heating and wiring
- The dwelling limit and the deductibles you choose
- Your claims history and any prior gaps in coverage
- Protective devices such as monitored alarms, water leak sensors and backup generators
Gaps we look for
We read a policy for what it leaves out as well as what it includes. Common gaps are dwelling limits that have not kept up with building costs, low liability limits, missing water backup coverage and valuables that exceed the policy’s built-in caps. If your assets are larger than your liability limit, an umbrella policy can add another layer above your home and auto coverage.
Questions we hear about homeowners insurance
Is homeowners insurance required in New York?
State law does not require it, but your mortgage lender almost always will. Even after the mortgage is paid off, the house is usually too large an asset to leave uninsured.
Does homeowners insurance cover a burst pipe?
Many policies cover sudden and accidental water damage, such as a pipe that bursts. Gradual leaks, flooding and sewer backup are treated differently, so it depends on the cause and on your policy.
How much liability coverage should I carry?
Enough to protect what you own and what you earn. We look at your assets, your household and your home, and often suggest pairing a higher homeowners limit with an umbrella.
Can I keep my home and auto with the same carrier?
Often, yes, and some carriers offer a discount for it. We also check whether separate carriers would serve you better, since the combined price is not always the best value.
Related coverage
Get your homeowners quote
Start with a few details on our quote page, or call 212-687-2525 Monday through Friday, 9am to 5pm. A real person on Aaron Gordon’s team will review your home, compare carriers and walk you through the options.
