Homeowners Insurance in Brooklyn, New York

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  • Homeowners Insurance in Brooklyn, New York

Owning a home in Brooklyn is a goal for more and more New Yorkers. Kings County is the Big Apple’s most populous county. New and existing homeowners in Brooklyn need insurance plans to protect their properties.

Many factors affect your policy’s cost and coverage. Use this guide to find the right homeowners insurance for your situation and understand how much you can expect to pay.

How Much Is Homeowners Insurance in Brooklyn, New York?

The average cost of homeowners insurance in Brooklyn is $2,038 annually, although rates vary by company and property.

Homeowners insurance in Brooklyn, and New York City in general, is expensive compared to the rest of the state. Property values are much higher in the city, which leads to higher replacement costs and insurance premiums.

Also, Brooklyn, surrounded by water on three sides and exposed to the Atlantic Ocean, is vulnerable to hurricanes and other windstorms coming from the coast, increasing the risk of property damage and raising insurance rates.

The average statewide cost for home insurance in New York is $1,489 annually. While Brooklyn premiums are about 37% higher, you may pay less or more depending on your home’s value. Look below at the average cost of home insurance in Brooklyn at some typical dwelling valuations.

Average Cost of Homeowners Insurance in Brooklyn
Dwelling Coverage $200,000 $300,000 $400,000
Annual Premium $1,644 $2,465 $3,287

Insurers typically calculate your home’s value through its replacement cost, which is the cost to rebuild completely, based on construction and labor expenses. Bigger, nicer houses cost more to rebuild and more to insure, which is why premiums always increase as home value rises.

Many more factors affect rates in addition to home value. We’ll go in-depth on the most important ones and break down some ways you can save money on property insurance in Brooklyn.

Brooklyn Homeowners Insurance Coverages

Homeowners insurance policies protect your property and liability in several ways. There are six coverage areas standard in every plan, regardless of the carrier.

Brooklyn Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage covers your home’s physical structure, including the roof, flooring, walls, balconies, pipes, and more.
Other Structures Coverage Other structures coverage covers fixtures on your property that aren’t attached to your main house, like fences, sheds, detached garages, and carports.
Personal Property Coverage Personal property coverage covers your possessions, including furniture, electronics, clothing, jewelry, and art, from theft and damage.
Loss of Use Coverage Loss of use coverage covers living expenses if you’re required to move out of your home after property damage makes it uninhabitable. Insurers can pay for temporary lodging, food, gas, and more.
Liability Coverage Liability coverage covers legal fees and medical bills if someone sues you for damages after an injury.
Medical Payments Coverage Medical payments coverage covers small medical expenses if someone gets hurt around your property, regardless of fault.

Policies protect your property from possible damage sources that insurers officially call “perils.” Some common covered perils include hurricanes, fires, theft, and water damage

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

How to Get the Best Homeowners Insurance in Brooklyn

Getting the best homeowners insurance in Brooklyn requires an understanding of your coverage needs and budget. Every policyholder and property is different, so you should know how to customize coverage to fit your needs, such as adjusting your policy limits and adding endorsements to enhance coverage. 

Adjusting Policy Limits

Each coverage area has a maximum possible payout called a limit. Insurers will estimate your coverage limits when quoting, but you can adjust them to suit your needs more precisely.

Companies require your dwelling coverage limit to be at least 80% of your home’s replacement cost. You can increase it to 100% or more to be comfortably covered in case of a total rebuild, although this will raise your premiums substantially.

Determine your personal property coverage limit needs with a home inventory. Add up the cost of your belongings, and the total amount is the exact amount of personal property coverage you need. A home inventory will ensure you get enough insurance for your possessions while helping you avoid overpaying for unneeded excess coverage.

Adjusting your liability limits is simple and relatively affordable compared to increasing other coverage areas. We always recommend people have at least $300,000 in liability coverage, but you may need more depending on the value of your assets. Ensure you have enough liability coverage to guard your finances fully. Most carriers allow liability limits of up to $1 million.

Considering Endorsements

Policies protect against certain covered perils, but some items and possible damage sources aren’t included in default coverage. You can purchase endorsements to enhance your coverage if needed.

Endorsements are options add-ons to your coverage to expand your protection. For example, jewelry, art, and memorabilia are typically only covered up to $2,500 or $5,000 by default in your home insurance plan. If you have pieces exceeding this sub-limit, they’re not fully insured.

You can purchase a scheduled personal property endorsement to cover your valuables for their full worth. Other common endorsements include water backup coverage, home-based business coverage, and inflation guards.

Getting Cheap Homeowners Insurance in Brooklyn

No one wants to pay more than they need to on their property insurance in Brooklyn. Getting that bill every month or year can seem tedious, especially if you never file a claim. You can lower your premiums by raising your deductible and shopping around for the best deal.

Raising Your Deductible 

Every Brooklyn home insurance plan has a deductible, which you must pay out of your pocket before the carrier foots the rest of the damage bill. Deductibles prevent policyholders from filing claims for minor occurrences.

You choose your deductible when quoting. They typically range from $500 to $2,000. Choosing a higher deductible makes you more financially responsible in all claims. This lowers your insurer’s possible payout, which reduces your monthly premiums. Raising your deductible is a quick and direct way to lower your insurance costs.

Policies in Brooklyn generally also have hurricane deductibles, which are separate deductibles that apply only in case of hurricane damage. A hurricane deductible of 2% of your home’s value is common, but you may save money by raising your hurricane deductible to 5% or 10% of your dwelling value. 

Keep in mind that this increases the amount of money you spend out of your own pocket on repairs, so don’t set a deductible too high that it becomes an issue.

Shopping Around

The hands-down best way to consistently save money on homeowners insurance in Brooklyn is by shopping around.

You should always compare rates from multiple providers when on the hunt for home insurance. Never settle for the first quote you get. Different companies have different needs and underwriting practices, which produce different rates, and you can likely find a company with the coverage you need at a lower price when you compare several carriers.

Policies are normally active for one year. Once that year is almost up and your policy is close to renewing, your provider will reassess your property to see if any changes to your risk profile call for a change in your premiums. If your rates increase at renewal time, you can always shop around again to find a more competitive rate.

What to Know About Flood Insurance in Brooklyn

We mentioned that policies cover several perils. One peril never included in homeowners insurance coverage is flood damage. Even the very best home insurance in Brooklyn won’t cover flooding. This is important to know because flooding is the most common and costly natural disaster in the country, and many homeowners don’t realize their policy excludes flood damage until it’s too late.

The National Flood Insurance Program, backed by the federal government, is the largest flood insurer in the country. As of 2023, the NFIP has over 12,000 active policies in New York City, with 3,000 of them in Brooklyn. Many home insurance carriers can help you purchase coverage from the NFIP, or you can shop from a growing number of private flood insurance companies. 

Brooklyn is surrounded by water on three sides, and flooding is possible in several areas, evident from Hurricanes Sandy and, more recently, Ida. Almost all of Brighton Beach is in a federally designated flood zone, while properties around Gravesend, Sheepshead Bay, and Canarsie are also at risk. Additionally, many coastal properties around Brooklyn are in a flood zone. If you’re on the water, you should keep Brooklyn flood insurance in mind.

Stay Above Water With Flood Insurance

Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?

Factors Influencing Average Homeowners Insurance in Brooklyn, New York

The average cost of Brooklyn homeowners insurance ranges from $1,644 to $3,287 yearly. Many factors affect your cost. When determining your premiums, home insurance companies are concerned with the risk of your home sustaining damage. Houses that are more likely to generate a claim have higher premiums because they can cost the insurance company more money. 

Providers assess many variables regarding your property to determine damage likelihood and rates. The most significant factors affecting average home insurance rates in Brooklyn include:

Property Age: Older homes typically have higher premiums because the dated components are more likely to fail from wear and tear or severe weather and cause property damage. Old roofs, pipes, wiring, and other elements deteriorate over time. Insurance companies are wary of this and charge higher premiums on older houses.

Property Construction: Bigger homes need more insurance, as larger homes cost more to rebuild. Also, carriers examine aspects of your home’s construction to determine its ability to withstand damage. For example, brick houses generally withstand wind and fire damage better than wooden frame homes and often have lower premiums.

Location: Homes in more damage-prone locations, such as flood zones or high-crime areas, may have higher premiums. Conversely, living near a fire hydrant can get you a discount.

Claims History: Like with accidents on a driving record, insurance companies see someone who has filed several home insurance claims in the recent past as a greater financial risk. Any person or property with a history of insurance claims is likely to experience higher premiums.

Policy Specifics: Your policy details also impact Brooklyn property insurance rates. Having higher coverage limits and endorsements will raise premiums, while qualifying for discounts and raising your deductible will lower rates.

Is Home Insurance in Brooklyn Required?

No law requires home insurance in Brooklyn. Instead, most people are required to have coverage by their mortgage lender.

Most people purchase their homes with the help of a lender. Since mortgage lenders regularly put down hundreds of thousands of dollars or more to fund home purchases, they want to be sure there isn’t a way to lose all their money if the house gets destroyed. So, lenders mandate you to carry home insurance for the duration of the mortgage.

If you let your policy lapse, your lender will force coverage on you. This force-placed insurance isn’t optimal, as the lender chooses a plan that’s more expensive and less comprehensive than a policy you can find on your own. Always choose your own Brooklyn home insurance plan and make your payments on time to avoid force-placed insurance.

How to Get Homeowners Insurance Quotes in Brooklyn

It’s critical to compare multiple companies when looking for homeowners insurance in Brooklyn to find the best deal on cost and coverage. As an independent insurance agency, our Clovered team can shop your information with our partners and find the best rate for you. 

You can use our online quoting engine to assess your options in minutes. You just need to input some information about yourself and your property to start comparing and possibly bind your coverage completely online. 

You can also call our team at 833-255-4117 to speak with a licensed agent and get a Brooklyn home insurance quote over the phone. Feel free to email us, also, at agent@clovered.com.

It's Time to Switch Your Homeowners Insurance

We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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