Home Insurance

As your largest investment, it's important to make sure your home has the proper insurance coverage. We'll protect your home and everything in it for the lowest possible price.

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What is Home Insurance?

Home insurance, also commonly called hazard insurance or homeowner's insurance (and often abbreviated in the US real estate industry as HO3), is a type of property insurance that covers a private residence. 

It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.

Typical Home Insurance Coverages

Section I — Property Coverages

• Coverage A – Dwelling
  Covers the replacement value of the dwelling itself (not including the land). Coverage is offered on a Actual Cash Value (AVC), Replacement Cost (RC) or Extended Replacement Cost (ERC) with most carriers.  HO-4 (renter's insurance) typically has no Coverage A, although it has additional coverages for improvements.
• Coverage B – Other Structures
  Covers other structure around the property, not attached to the dwelling, that are not used for business. Typically limited at 10% to 20% of the Coverage A, with additional amounts available by endorsement.
  
• Coverage C – Personal Property
  Covers personal property insure your home to include furnishings, clothing, etc., with optional coverage for the theft and limited coverage for loss of particular classes of items. 
  
• Coverage D – Loss of Use/Additional Living Expenses
  Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented, however only the rental income for the actual rent of the space not services provided such as utilities.
• Additional Coverages
  Additional coverages should strongly be consider providing coverage that can include, Back-up of Sewer & Drains, credit card / identity theft charges, loss assessment, and ordinance or law.
  
• Exclusions
  ​Specific exclusions will be stated in this section of the policy. These generally include earth movement, water damage, flood, neglect, war, nuclear hazard, septic tank back-up expenses, intentional loss and wear and tear. A 2013 survey of Americans found that 41% believed mold was covered, although it is typically not covered unless it is a result of a covered claim & will not be covered if the water damage occurs over a period of time, such as through a leaky pipe.
  
• Floods
  Flood damage is typically excluded under standard homeowners and renters insurance policies. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers.

Section II — Liability Coverages

• Coverage E – Personal Liability
  Covers damages which the insured is legally liable for and provides a legal defense at the insurer's own expense. About a third of the losses for this coverage are from dog bites.
  
  Contact us to learn more about the right homeowners insurance for you.

(914) 271-6600
Croton Professional Building
321 S. Riverside Avenue
Croton-on-Hudson, NY 10520
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