Best Homeowners Insurance Agencies in Yonkers

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 named peril and all-risk policy for home insurance in Yonkers?

  A named peril policy, as the name implies, covers the specified risk on the policy, whereas an all-risk policy covers most risks except those excluded on the policy. A Yonkers home insurance policy can be either of these two. Take note that the risks covered for personal property may differ from the risks for the home structure.

• Do street locations in Yonkers affect the price of homeowners' insurance?

  Yes, the location of a neighborhood influences the cost of homeowners' insurance, and this can be due to the crime rate, home values, and distance from the police and fire station. Hilltop Acres, Cambridge Ave., and Malvern Rd. in Yonkers have the highest rates. Meanwhile, McArthur Avenue, Wellyn Road, and Lasalle Drive have the lowest rates.

• Will your Yonkers homeowners' insurance cover the damage if your water line bursts?

  No, most homeowners' insurance policies do not cover damage caused by a broken water line. Because the local government is only responsible for fixing the main line, you will be responsible for the costs. The City of Yonkers has partnered with American Water Resources (AWR) to assist homeowners in obtaining the necessary coverage through the Water Line and Sewer Line Protection Programs. For more information, contact the AWR at 866-315-4476.

• What is the coverage of standard homeowners' insurance in Yonkers?

  A standard homeowner's insurance policy covers structure and contents, personal liability, and loss of use. Yonkers residents can also choose to supplement their coverage with an endorsement. This insurance can provide coverage for inflation guard, ordinance compliance, and equipment breakdown. Most standard insurance does not cover natural disasters such as floods, sinkholes, and earthquakes, so an endorsement for these risks can be purchased.

• What can Yonkers residents do if they cannot obtain traditional home insurance?

  The New York Property Insurance Underwriting Association can provide insurance to Yonkers residents. They can choose between basic and broad coverage that provides financial protection against fire, hurricane, and vandalism. The National Flood Insurance Program protects homes from flooding risks. The Coastal Market Assistance Program (C-MAP), on the other hand, provides insurance for homes within 2,500 feet of the seashore.

• 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.