Home Insurance Prices are Increasing in New York
With natural disasters, floods, and escalating prices on building materials, New York residents are faced with a problem that seems to be sweeping through the nation: rising New York home insurance costs.
According to recent information from a local New York insurance firm, winter storm losses have grown significantly over the past few decades, and thunderstorms have caused close to $25 million in damages to local New York homeowners. In addition, the cost of building supplies, such as paint, nails, insulation, wire, and shingles have increased. The aforementioned scenarios have had a major impact on New York home insurance prices.
Lisa Mahill, an engineer in New York, recently stated that her home insurance seems to consistently increase year after year:
“Each year my homeowners insurance goes up. Many times when I ask about the increase, it is attributed to the cost to replace. I’m certain that it’s true, but it increases every year.”
According to the National Association of Insurance Commissioners, this problem is widespread, and New York is just one of the many states that have suffered from rising home insurance rates. Nationwide, home insurance prices have been steadily increasing since 2007, with only a slight drop in 2008.
However, even with the rising New York home insurance prices; there are several ways that consumers can cut costs:
- Keep all of your insurance policies with the same company. Having the same auto, home, or renter’s insurance company could potentially bring about discounts.
- Consider raising your deductible by $1,000. This can help cut costs by giving you extra protection in the event of a major loss.
- Pay any and all small claims out of pocket. This will prevent you from being charged a surcharge in addition to eliminating any applicable loss free discounts.
- Reduce service fees by opting for monthly electronic bank transfers or automatic and recurrent credit card payments.
For more information on New York home insurance, including premiums, policies, and local insurance company information, visit the official New York Department of Financial Service’s website (DFS).