The 2010 version of the Consumer Shopping Guide for Homeowners and Tenants Insurance has been published by the Insurance Department of New York State. The document is meant to offer information to renters and homeowners that will help them select tenant and home insurance services that are appropriate for their level of needs.

According to department officials, they are hoping that the document will aid renters and property owners find the coverage they really need with a minimum amount of fuss. The guide offers premium comparisons for policies offered by various insurance firms for a certain type of property. It touches upon all types and all available policies and how each can help protect a property owner’s home. Issues like reporting losses, filing complaints at the department and handling provider-related disputes are also discussed in the report.

The said department encourages residents of New York to get hold of the guide as it will allow them to learn what constitutes a home insurance policy. According to them, homeowners and tenants should be aware that home insurance services do not include earthquake or flood coverage. The various methods by which deductibles are determined are also discussed in the document.

As an example, the guide reveals that some deductibles are determined using dollar values, while others are based on homes’ replacement values or coverage amount. Meanwhile, some areas in the coast will require mandatory deductibles for hurricanes that can range from 1% to 5%. The range is usually determined by the insurance firm, wind speed or storm category.

Department officials have advised residential property owners and home renters to get in touch with their insurance service providers and discuss their needs so that their policies can be adjusted appropriately. They also remind people seeking insurance to read the guide, examine their policies and analyze how such services work.

The guide published by the department is meant to save renters and residential property owners from time and money-related problems. It also aims to prevent people looking for home insurance services from committing common mistakes encountered by those who do not know what exactly the service is for.

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