NYC Homeowners: Your Insurance May Cover Marble Restoration Costs – Here’s What You Need to Know in 2024

When disaster strikes your marble surfaces in New York City, the financial burden can be overwhelming. From water damage to accidental impacts, marble restoration costs can quickly reach thousands of dollars. However, many NYC homeowners don’t realize their insurance policies may actually cover these expenses under specific circumstances.

Understanding When Insurance Covers Marble Restoration

Most homeowners insurance policies cover sudden and accidental damage, such as damage caused by a fire, a vehicle collision, or a falling tree. If your marble has been damaged due to one of these covered perils, your homeowners insurance is likely to help cover the repair costs. This includes marble floors, countertops, and other stone surfaces throughout your home.

However, it’s crucial to understand what’s not covered. Homeowners insurance does not cover routine maintenance or wear and tear. If the marble damage is due to lack of maintenance or the natural aging process, your insurance provider is unlikely to cover the repairs.

Special Considerations for NYC Historic Buildings

NYC homeowners living in historic buildings, brownstones, or pre-war structures face unique insurance challenges. Determining the replacement costs of a historic building becomes more challenging, especially if it has unique architectural features or construction materials—or if the building needs to comply with specific guidelines to preserve its historic integrity. Working with an insurance partner who specializes in brownstones and historic properties will ensure the correct valuation for your insurance policy.

In one example, friends had a bad leak in their kitchen. The marble and cabinets in just one part of the kitchen were ruined. It would not really have been possible to get an exact match for the marble (cabinets would have been easier), and Chubb agreed to replace ALL the marble and cabinets to repair the kitchen “properly”. This demonstrates how quality insurance coverage can protect homeowners from partial restoration issues.

Coverage During Renovations and Restoration Projects

If you’re planning a renovation that includes marble work, your insurance needs may change. Generally, if you are buying a new place and doing some light work for a few weeks like painting or refinishing the floor, you will have coverage under a standard policy. However, if you are doing structural work, or work that goes on for a few months, or a gut renovation, you will usually need a separate builder’s risk policy.

So if your site includes a temporary structure, for example, or you’re using a lot of hard-to-source marble, you may want to get that covered too. This specialized coverage becomes particularly important when working with premium materials that are difficult to replace.

Key Steps to Ensure Coverage

Before any restoration work begins, communication with your insurance carrier is essential. Let your insurance carrier know you’re renovating. Another reason to tell your insurance carrier about a major upgrade is that the work can increase the amount of money an insurer would need to pay out if there was a fire or flood.

When selecting a restoration company, ensure they’re properly insured. When you’re considering which general contractor to use, part of your homework is to find out if they have the right insurance coverage: general liability and workers compensation coverage. A certificate of insurance, which your building would typically require before work begins, will confirm the company you’re using has an insurance policy that covers liability and loss so if anything happens while they are doing work in your building the cost of repairs or the accident are covered.

Working with Professional Restoration Companies

Professional marble restoration companies understand the insurance process and can help document damage properly for claims. NYC Stone Care was founded in 2006 and since then, our strive for perfection and hard work has led us to 100% – 150% growth annually. Serving New York, New Jersey, Connecticut and Florida. NYC Stone Care serves many Interior Designers, Contractors, Franchises, Realty and Hotel groups always obtaining great feedback from all the clients.

We perform Domestic services such as Floors, Walls, Counters tops, Table tops, Showers, Foyers, Hallways as well as Commercial including, Hotels, Shop Fitters, Construction Companies, Offices, Facilities Management Companies, Insurance Companies, Real State Companies and others. This experience with insurance companies can be invaluable when filing claims.

NYC-Specific Insurance Considerations

New York’s unique building codes and regulations add complexity to marble restoration coverage. In addition, older properties often don’t meet modern construction codes. If a historic building or brownstone is damaged, the repair work might also include replacing an outdated system with one that meets current codes. Such updates are not covered under standard homeowner or brownstone insurance and can be expensive.

Water damage is particularly relevant in NYC. Standard insurance policies typically only cover accidental water damage from a sudden event, like a burst pipe. Sewer/Water Backup coverage can fill this critical gap for a nominal fee.

Cost Considerations and Deductibles

The average cost of homeowners insurance in New York in 2023 is $1,229. This figure is $1,194 less than the national average, which is $2,423. However, homeowners insurance policies typically have deductibles. You will need to pay this deductible before your insurance kicks in to cover the repair costs.

For high-value homes with extensive marble work, premium coverage may be necessary. The insurance company is likely to say ‘that’s wonderful that you got it for that price, but you’ll need $3 to $4 million or more in coverage.’ If so, that can be very expensive in today’s environment. Between inflation and the difficulty in finding contractors, the price of renovations are skyrocketing—you can expect to pay in excess of $2,000 per square foot for high-end companies and custom millwork.

Taking Action

Don’t wait until disaster strikes to understand your coverage. Review your policy annually and document your marble surfaces with photos and professional appraisals. Regularly review your homeowners insurance policy to ensure it adequately covers your needs. If you live in an area prone to specific risks, such as earthquakes or floods, consider purchasing additional coverage.

When marble damage occurs, act quickly to document the incident, contact your insurance company immediately, and work with experienced restoration professionals who understand the claims process. With proper preparation and the right coverage, your marble restoration costs don’t have to devastate your budget.