Best Homeowners Insurance Agencies in Staten Island

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• What is the difference between a monoline and a package policy for Staten Island home insurance?

  A package policy includes multiple types of coverage, whereas a monoline policy only includes one type of coverage. Liability, medical payment, and theft coverage are all options. A homeowner in Staten Island can save more money by purchasing a package policy rather than purchasing separate policies for each type of coverage.

• In Staten Island, how much can you save on homeowner's insurance?

  On average, bundling multiple insurance policies, such as home and auto insurance, can save you up to 17%. Over the course of five years or more, loyalty discounts can save you up to 7%. Making your Staten Island home damage-resistant can earn you some insurance benefits. If you install the following equipment, you may be eligible for a discount: smoke alarm (2%), burglar alarm (5%), and sprinkler system (6%).

• Why should one get coastal home insurance in Staten Island?

  Many beachfront property owners have difficulty obtaining traditional homeowners' insurance, so coastal home insurance may be appropriate for them. Coastal home insurance, like any other type of insurance, can provide coverage for a homeowner's dwelling and personal property, as well as liability. However, they may not get it from private insurers but they can turn to the NY Coastal Market Assistance Program (C-MAP). For more information on C-MAP, call the New York Property Insurance Underwriting Association at 1-212-208-9700 or send email to fairplan@nypiua.com.

• Can a homeowner in Staten Island refuse the offer to buy flood insurance that was sent by the Federal Management Agency?

  Yes, a Staten Island homeowner may choose not to purchase the flood insurance indicated in a letter of determination from the Federal Emergency Management Agency. They are required to notify FEMA of their decision within 30 days of receiving the letter. If they require additional guidance from FEMA, they can contact the agency at (202) 646-2500.

• Do Staten Island state laws govern the use of credit information when evaluating a homeowner's insurance application?

  Yes, insurance companies are required to follow both state and federal laws. They must notify the applicant in Staten Island that credit information will be used in the evaluation process of the homeowner's insurance application. Insurers must also inform applicants of their right to dispute any errors on their credit report. Finally, they are not permitted to raise insurance rates or cancel policies due to changes in the policyholder's credit information.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.