What is the average cost of homeowners insurance in Brooklyn? For currently insured homeowners, the answer to this question can signal either an overpriced policy or a potential gap in coverage.
Stick around as we dive further into the cost of homeowners insurance in Brooklyn. We include the average cost of a policy, what it should cover, and tips on how to adequately insure a Brooklyn brownstone.
What Is Included in a Homeowners Insurance Policy?
Homeowners insurance can mean the difference between bouncing back quickly from a home-related disaster or struggling to get back on your feet. While all policies differ, a strong policy will provide coverage for:
What good would homeowners insurance be if it didn’t cover your home? If your home is damaged from a windstorm, defiled from vandalism, or a complete loss after a fire, an approved claim from your homeowner’s insurance carrier can pay for repairs or an entire rebuild.
Homeowner’s insurance also protects your personal possessions, including furniture, electronics, and clothing. Keep in mind that there are policy limits for certain categories of personal property, like jewelry and art. Providing your broker with a detailed list of your items can ensure you have adequate coverage against theft and loss.
In addition to your home, all structures on your property often fall under homeowners insurance protection. These include fences, sheds, detached garages, and gazebos, as long as the damage is from a covered peril and not solely neglect.
If a guest falls at a party or your dog nips the mailman’s hand, homeowners insurance can help pay for any associated medical bills. Should an injured party decide to sue for damages, homeowners insurance can help absorb attorney and settlement costs.
If your home becomes uninhabitable after a fire or other covered disaster, your homeowner’s insurance can help pay for additional living expenses. This could include lodging, food, and even pet boarding until you and Fido can come back home safely.
What Happens if You Don’t Have Homeowners Insurance?
If you have a mortgage out on your home, you’re more than likely required to have homeowners insurance. But if there was a lapse in your coverage or you made the choice to go without and then experienced a fire, break-in, or serious accident on your property, you already know the answer to this.
Homeowner’s insurance needs to be purchased before an incident occurs, which means that if you’re without coverage when something happens, you’re 100% responsible for any resulting costs.
The national average of cleaning up smoke and fire damage is $15,547. Dog owners without homeowners insurance should know that the average settlement for dog bite injury cases is $44,760. And if you occasionally forget to pay a bill or two, it’s possible for your insurance to lapse and leave you unknowingly without coverage. With the average home value in Brooklyn coming in at $657,545, even going a day without homeowners insurance is a serious risk.
What Is the Cost of Homeowners Insurance in Brooklyn?
It’s obvious that not having homeowners insurance can get pretty expensive. But if your budget for coverage is a concern, you’re probably wondering what the current cost of homeowners insurance in Brooklyn is.
While it’s impossible to list an amount that’s accurate for all Brooklyn homeowners, we can give you an idea of what to expect when shopping for a policy.
First, you’ll need to provide information about your home to a broker, including:
- Who lives with you
- Details about your home’s construction
- Co-owner information, if applicable
- Details about a business being run from the home, if applicable
- Past homeowners insurance history/claims
Once a broker has had time to assess the risks associated with your property, you’ll be provided with an accurate quote for homeowners insurance. But to give you a ballpark figure, consider this.
According to the Insurance Information Institute, the average annual premium for a home in New York is $1,331. This comes out to just over $110 a month. And remember, you can always look for ways to lower the cost of your monthly or annual premium by bundling policies, opting for higher deductibles, or make upgrades to your home that lessen the overall risk of having to make a claim (i.e. impact-resistant roofing or smart water sensors).
Tips for Insuring Your Brooklyn Brownstone
It’s no secret that Brooklyn brownstones are the real estate dreams of many homeowners. The same reasons that make them highly sought after by homebuyers are often the same reasons why special precautions need to be taken when shopping for insurance coverage.
For example, when you buy a brownstone with plans to renovate, you’ll need to see if a standard homeowners insurance policy is enough or if an additional policy is required. Because of their history and age, renovations can lead to some unpleasant hidden discoveries, like water leaks and electrical issues.
When it comes to damage from fire or wind, many Brooklyn homeowners are surprised to learn that standard homeowners insurance policies won’t cover the costs of restoring a brownstone to its original construction. What would an authentic brownstone be without its mahogany woodwork?
The cost of a policy that will adequately protect a brownstone can be as much as 40 percent higher than a standard Brooklyn homeowners insurance policy. But the additional coverage and peace of mind are often worth the price to those who want to protect their historical Brooklyn investment. And if you’re planning on renting your Brooklyn brownstone, don’t forget to look into landlord insurance.
Insuring Your Brooklyn Home
Are you ready to find a policy to protect your investment? At Lincoln Brokerage, we understand Brooklyn homeowners insurance because we have policies ourselves. We’ll take the time to learn about your property and coverage needs. If you’re ready to start shopping for a new homeowners insurance policy, we welcome you to reach out to one of our brokers today.