While shopping for an online homeowners insurance policy in New York, there are certain questions that you must answer to get a good rate. It is common sense that if you own your own home and have comprehensive coverage on it, you may be offered a substantial discount. The same holds true for renters or people who are renting at the time of damage. You will be asked about such things as the age of homeowner and number of persons living in the house. Your location and square footage will also be taken into account. Homeowners insurance quotes in New York City, come in many forms. You can obtain an estimate based on your personal circumstances from one of the many companies that offer online estimates. In addition to your personal circumstances, you may be asked about the average cost of repairing your home after a disaster or fire. The average cost of repairing your home is an important consideration. This will affect your premiums and the amount of your claim payment. The following factors may be considered in determining an estimate for your policy: Type of policy, the value of your home, location, and whether the building is one of a kind or a rebuilder. Insurance companies call this their “MoneyGek”. MoneyGek is an interactive tool that lets you compare quotes from various insurance companies. (It does not take long to enter your details.) In addition to your policy covers, you may also be asked about two other things: personal liability and property damage. A special form policy covers both property damage and personal liability. A broad form policy covers only damage to your building and is usually called a replacement policy. (It is important to note that both replacement policies cover losses occurring before the loss of your property occurred.) It is up to you to decide what these two extra expenses are going to be and how much they will cost you each year. When you are calculating your budget for your dwelling coverage, you must also figure in your estimated cost for repairs to your dwelling. To do this, add your estimated cost for repairs to the sum of your premiums. You should now have your new total for your insurance premiums. It is best to get this number from your insurance agent or broker, because they can provide you with a more accurate market value estimate based on historical values for your area. Personal liability coverage is usually required if you own or rent any type of residential property, but it is not required if you live in a mobile home. This type of coverage covers damage to personal property that is suffered in a fire or other damage caused by a visitor or occupant of your home. It also covers legal fees and any fines that are assessed against you. Many times, a special home insurance policy covers the cost of renters’ damages when there is a rented dwelling. You may want to get quote information on additional types of coverage that are available. These include property protection which provides you with protection against damage to or theft of your personal property. Another type of coverage is personal liability coverage that is designed to pay for damage that you or a visitor to your dwelling may suffer as the result of negligence on the part of another. Many insurance companies offer special riders to their policies that will cover injuries that occur while you are out of your residence, such as slips and falls. Deductibles and premiums both affect your overall cost. Your monthly payment amount will depend on the number of years you choose to carry your policy and your individual circumstances. The higher your deductible is, the lower your monthly payment will be. The opposite is true if you have a higher premium. There are other factors, however, that affect your rate and the amount that you pay for coverage. These include your location, your age, whether you are a smoker or not, your claims history and more.