While it is true that the State of New York does not legally require homeowners to have insurance on their property, there are some organizations and individuals – such as mortgage lenders and homeowner’s associations – that will require brownstone home owners to obtain coverage for their property. In these cases, the homeowner’s insurance is often referred to as “hazard insurance”.

Purchasing insurance is easy, but determining coverage types may prove to be challenging. As a result of this fact, we have created this guide to assist you in the process.

1. Dwelling Coverage – This is the insured value of your home should you need reimbursement as a result of direct damage from a covered type of peril. Before you are paid, you must pay the associated deductible.
2. Personal Property Coverage – This reimburses based on the cash value of your personal items should they become damaged as a result of the specific perils that are outlined in your policy. Examples of items that may be covered include jewelry, instruments, and electronics. You must complete an inventory on items in your home and outline their costs.
3. Loss of Use – If a peril causes you to become displaced from your brownstone home, this coverage will aid in your relocation while it is being repaired.
4. Liability Coverage – This protects your home and belongings should a person attempt to sue you due to an injury sustained in your home. It also usually includes coverage that will aid in replacing someone’s property that you damage.
5. Medical Payments – This is a very important coverage to have. If someone becomes injured in your home, it will help cover their medical expenses to cover assistance with the injury. By being able to make this allotment after an injury sustained on the property, many are able to avoid being sued and having to put their liability coverage into place.

Additional Coverages

There are other types of coverages that you may add to your brownstone homeowner’s insurance in the State of New York. These are windstorm coverage, flood coverage, and hurricane coverage insurance.

While it may be that you will never be required to have these coverages activated, it is always a great idea to ensure that you are covered – to the max. One flood could result in thousands of dollars in damage. One hurricane may prove to be devastating. A windstorm may require massive restorations.

Brownstone Programs

In addition to standard homeowner’s insurance coverages, there are several insurance companies that offer comprehensive, detailed Brownstone programs.

These programs are tailored to the unique needs that you will have as a brownstone owner and the requirements of the associations and historical societies that govern brownstone neighborhoods throughout the State of New York.

We here at Modica Insurance offer these plans. If you have insurance requirements, we have solutions. For questions about standard coverages, special coverages, and the unique brownstone programs that we offer, you may contact our agency today by calling: 718-855-1836