GN Agency provides homeowners insurance for all dwelling types in the State of New York, including Western New York. At our agency, we can review your current insurance coverage on your home, rental property, or business property.
Homeowners insurance policies that are available are the HO2 (standard), HO3 (broader coverage), and HO7 (additional extended coverage).
The HO2 is a standard basic named peril policy which may or may not include replacement cost coverage on dwelling and/or contents. Full replacement cost coverage for the dwelling and contents is an add-on for an additional premium. Where necessary, for an additional premium, one can add backup of water through sewers or sump pump insurance coverage. One may want to schedule valuables such as jewelry, furs, fine arts, silver, pewter ware, etc. for an additional premium.
The HO3 is an all risk named peril policy with broader coverage than the HO2. It incorporates the HO2 and adds additional coverage such as damages caused by backup of ice and snow on roof and gutters, water seepage, spilled chemicals, overheated appliances, dropped objects, accidental damages and some unexpected losses. Full replacement cost coverage for the dwelling and contents is an add-on for an additional premium. Where necessary, for an additional premium, one can add backup of water through sewers or sump pump holes insurance coverage. One may want to schedule valuables such as jewelry, furs, fine arts, silver, pewter ware, etc. for an additional premium.
The HO7 is an all risk policy incorporating the HO2 and HO3 and broadens all coverages and includes full replacement cost coverage for dwelling and contents. It adds additional coverage such as backup of water from sewers and sump pumps, broadens the limits of liability for things such as bank notes, securities, watercraft, trailers, loss of jewelry, furs, silverware, firearms and related equipment with no depreciation other than wear, tear, deterioration and inherent vises. Limited additional coverages on the HO7 are for trees, shrubs, loss assessment, food spoilage, lock replacement and reward coverage. The HO7 policies reflect full replacement at today’s cost to rebuild or replace a building – not what the market price is which sometimes is not the same.
First time home buyers will need advice on what type of homeowner policies they should have. GN Agency can provide first time homeowners with a no obligation insurance quote today!
For existing homeowners, we will do an evaluation to find out what it would take money-wise to rebuild or replace your home with today’s cost of materials (lumber, electric, plumbing, labor etc…) The market value of a dwelling is not always a comparison of what it would cost to rebuild or replace your home in today’s prices. Current homeowner’s coverage should be updated to make sure that you are insured to value.
The H02, H03 and H07 homeowner policy prices will depend upon the coverages selected and the dollar amount of the dwelling.
We at GN Agency are committed to providing you with prompt, professional one-on-one service when it comes to meeting your insurance needs. We have been in business for 47 years and are dedicated in providing a personal touch to build a lasting relationship with our customers.
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