What Does Home Insurance Cover in NYC?

Purchasing a home comes with many big responsibilities. Selecting a homeowners insurance policy is one of the most important responsibilities to take care of as a homeowner. In the case that you become a victim of a disaster that caused property damage, insurance will be your saving grace. It is typical for a homeowner’s insurance policy to cover these four major categories:

  • Damage to the Home:¬†Damage occurring as a result of fire, hail, hurricane, break-ins, or other disasters is covered in your homeowner’s insurance policy. However, this generally does not include coverage for floods. A flood insurance policy can be purchased separately.
  • Bodily Injury: Both bodily injury or property damage caused to other people is a part of most coverage plans.
  • Additional Living Costs:¬†Additional costs due to the residents of the home being displaced as a result of a disaster.
  • Personal Belongings Coverage: Damage or stolen personal belongings such as furniture, clothing, and other personal items. What is not typically included are expensive items such as jewelry, antiques, or collections. These items may require their own coverage.

What water damage can be covered in a home insurance plan?

Unforuntaltye, most homeowners insurance plans do not cover flood insurance. Flood insurance is often more expensive to purchase. However, some water damage including water damage due to wind-driven rain or rain damage through an intrusion is covered by most standard home insurance policies.¬†If you have a ‚Äúsurplus lines‚ÄĚ excess policy that does not exclude flood damage, you may be able to have your water damage covered. Your standard insurance may be able to cover your damages if you plan accordingly. It may be possible to cover your damages with an exception to the no-flood coverage policies.¬†

What is the NFIP insurance policy?

The National Flood Insurance Program or NFIP provides a flood insurance policy for homeowners. This will be a separate policy to your homeowner’s insurance. NFIP is available for anyone that resides in an area that adheres to the federal storm, water, and flood plain management rules. This policy will cover up to $250,000 in damages. The NFIP insurance policy covers damages to both your home and your garage. Damages that are covered include debris removal, clean-up, repairs, and removal of mildew, mold, or fungus.

Contact our experienced New York City firm

The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered a property loss due to a fire, a flood, a severe storm or a robbery, please do not hesitate to contact our firm to schedule a free initial consultation. A knowledgeable attorney on your side in your time of need can make all the difference.