Question on homeowners insurance?

  • by Tyler
  • Feb 16,2018
  • 9 answers

I own a home in nyc
My mom lives there n she has 24/7 care with private aides.
Am I better off getting homeowners insurance or landlord insurance.
What questions should I ask and what should I look for in a policy.
Also, being in nyc, what yearly price range is fair?
Got a pricy quote from one agent who refused to give me any options or different price points. He just kept telling me to think of this as an investment.


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Insurance Answers (9)

mbrcatz 5 months ago

If you do not live in this home, a "homeowners" policy does not apply. You would NEED a "dwelling fire" policy. You probably need to get a dwelling fire policy wiht the same company that writes your primary homeowners insurance - very, very few agents or companies will write a "stand alone" dwelling fire policy. Your options will be VERY limited.
Also, you should probably carry either workers comp for the caregiver, or add (if possible in NY) an endorsement to the policy to otherwise provide you with some type of domestic worker employer liability coverage, in case that caregiver gets hurt.
You need a different agent, though - referring to homeowners insurance as an investment is sloppy and lazy.
There's no way anyone could give you a price range; we don't know how close to the city your house is, or if it's upstate; if it's in Buffalo or Manhattan; if it's a 4000 square foot house or a 900 square foot house, or any of 100 other factors that are involved in pricing a policy. If I HAD to give you a fair range, it would be anywhere from $1,000 to $15,000 a year. Guessing. Pretty useless, huh.

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H. Marie 5 months ago

if you are charging your mother rent, she should have renter's insurance but you as the homeowner always have your own insurance on your own property

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Jack 5 months ago

Dk

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StephenWeinstein 5 months ago

If you live there with here and she does not pay you anything to live there, then homeowner's insurance.
If you live somewhere else and she pays you rent, then landlord's insurance.

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Casey Y 5 months ago

If you don't reside there, on a permanent or seasonal basis, then you should not have a "Homeowners" policy. You have whats called a Dwelling Fire or Combination Dwelling policy as a property rented to others. Your mom then purchases a "renter's" policy to cover her stuff. Try another agent if you weren't satisfied with the first one.
How many other houses do you own in NYC? Assuming none, how can you possibly know whether the quote you received was pricey or not? You need to shop around to find other options, then you can state whether or not the first one was pricey by comparison.
Try multiple agents, I would say at least 3 in total. Make sure at least one is an independent with access to a bunch of companies. You don't mention where in NYC you are located, prices can vary dramatically. You say home, so I'll assume not in Manhattan, so one of the outer boroughs. I would expect you to be paying in the $300-400 per $100k of coverage A on the dwelling if a homeowners, perhaps 10-20% higher on a dwelling fire policy. That number is for a decent policy; you can surely find both more or less expensive options out there.
I write homeowners insurance in NYC...but I do not accept solicitations through this website, so please do not contact me for a quote. Maybe you will find me by chance, but I doubt it.
Most importantly, be ethical, honest and open with your agent. There is nothing worse than reminding a client, after a major loss, that they lied to me about something and they wont be covered. I would much rather they have been honest and I get to make them whole. Save a couple bucks on premium, jeopardize hundreds of thousands in a potential loss...

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A Hunch 5 months ago

Call a different home owners insurance broker or talk to your current broker about it.
Explain to them the full situation:
- mom lives there.
- tell them if you also live there
- mom has live in aides
If you don't like the next company, keep calling until you find one you like.
The price is going to be based on the value of the property and the type of property - SFH, condo, etc.

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Zarnev 5 months ago

Do you own another home with insurance on it? Do you live in the NYC home? Do you live in a different state? The answers to these questions are needed to figure what kind of insurance you can get for the property.
With most insurance companies you cannot "pick and choose" different options. You can add riders to the policy but the basic policy is standard. There are companies that will give you bare bones policies or will give you options for the policy but these usually cost much more than the standard policies, sometimes more than double the cost.
The premium depends on too many factors to mention here. If you live in NY speak with the agent that does your other home and/or auto insurance first, then speak with other agents for more quotes.
NYC will be pricy compared to other areas of the country.

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Who 5 months ago

there are 2 parts to homeowners insurance
1)building insurance - insuring the building in case it catches fire - or something damages the structure of it and also covers fixtures like fitted kitchen
2) insuring the content - the stuff inside if it gets stolen, damaged by fire, or water damage
If you own the the home then 1) is a must - and I think landlords insurance would probably cover this
2) is necessary if some of the stuff inside belongs to you (such as furniture)
In this case homeowners would be best
BUT if your mom has stuff there your insurance would not cover her stuff - so she should have tenants insurance as well
(I would advise you carry out a full inventory of stuff in the house ( take photos of it) and identify which of you owns it
Also it would be best if you have receipts for the stuff)
But the BIG question is- do you actually live in the home? cos this can make a big difference
If you do then you only need homeowners insurance cos this would normally cover the contents for everybody living there
best thing you can do is go to actual insurers websites and download their sample policies then read them - these will tell you exactly what they will cover and just as important what they wont cover - then you will be able to compare them
Remember you dont have to take out insurance Home and contents insurance together (but its normally cheaper if you do) - you can have insurance for just the building and separate insurance for the contents
the other thing to remember is- you cannot be over insured
If you have 2 policies covering the same thing (yours and your mom's) so long as you are honest in your claim the 2 insurers will sort out which of them is gonna pay which bit of the claim
that is- if you make a claim and your mom makes a claim it is VERY important that each of the claims refers to the other one
Dont bother with that agent- he aint interested in what YOU want- just getting HIS commission

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babyboomer1001 5 months ago

You should have homeowner's insurance. I think that is all you need but, you should talk to an experienced insurance agent and ask all of your questions to that person. They will know a lot more than us. What is reasonable in NYC - I don't know. It will depend on a lot of things that we don't know including, the size of the house, the area, etc.

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