Covering the Gaps in Your New York Homeowners Insurance

Earthquake Insurance, Flood Insurance, and Mudslide Insurance

In insurance, a peril is an exposure to an event that may cause damage to your home. New York New York homeowners insurance covers the most common perils one would probably be exposed to in owning a home. Fire, lightning and internal explosion (like a furnace exploding) are examples of perils covered on most New York homeowners insurance policies. However, that one may want coverage for other perils.

Getting coverage for additional perils is typically not complicated as most insurance agents can add the additional coverage onto the current New York homeowners insurance policy. Three common perils that are usually not covered under a traditional New York homeowners insurance policy are:

Floods: For insurance purposes, a flood is considered temporary extra water on land that is usually dry. Flood insurance is a separate policy issued by the National Flood Insurance Program or NFIP. Flood insurance is only required if the property is located in a flood plain. Your insurance agent can give you more information on how to add a flood insurance policy onto your home.

Earthquakes: Statistics show that not many people purchase earthquake insurance. Even in areas where earthquakes are considered common, the purchase of earthquake insurance has decreased over the years. Looking into earthquake insurance should be a consideration for all New York homeowners. Affordable coverage can be found if one takes the time to compare prices among different insurance companies. Adding earthquake insurance can be done by a separate policy or as an endorsement to a current homeowner policy.

Mudslides: Coverage for mudslides is usually not covered under one's New York homeowners policy. It is important to be careful not to get "mudflow" and "mudslide" mixed up. Flood insurance will cover mudflow but not a mudslide. Sometimes it can become complicated to determine how much of a home was hit by a mudflow and/or a mudslide so having protection for both (getting flood insurance and mudslide insurance) is best to cover any gaps.