NYC Home Insurance for Older Properties

Deciding which type of NYC home insurance policy to purchase is not always an easy decision. The most common type of homeowner’s insurance is known as an HO3 policy, but different kinds of homes, such as older homes, may need to be covered by a different type of insurance.

An HO3 policy insures your home from all perils (e.g. fire, windstorm, hail, lightning), unless they are specifically excluded in the policy.

However, for those who have an older home, an HO3 policy might not be sufficient, because often older homes cost a lot more to rebuild than their market value. This is where an HO8 policy, or modified coverage form, comes in. A modified coverage form covers the cash value of the home if it’s damaged. Your insurance company will pay the cost of rebuilding your property or fixing damage, using common construction methods.

Older homes tend to have issues with plumbing or electrical systems. To help lower the risk of a claim for your insurer and yourself, it might be worthwhile having your plumbing and electrical systems inspected, and upgrade any rusty pipes or damaged wiring.

There are other forms of homeowner’s insurance, such as renter’s insurance, condominium insurance, or premier insurance. Speak to an agent to get the most appropriate NYC home insurance for your property.

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