When it comes to apartment insurance, a steady and experienced hand knows the right questions to ask. Here are a couple situations when it can make all the difference — especially when you need apartment insurance in a New York minute.
1) It’s renovation time. You’ve hired a contractor to work on your co-op, and you’ve gotten the green light from the board. Now you need proof of co-op insurance — but you let it lapse.
Gotham says: With 50 years of experience in New York City, Gotham can quickly determine what kind of policy will cover you, based on the type of renovation you’re doing.
2) At the closing table. You’re closing on the purchase of a co-op or condo, but you forgot about apartment insurance — or thought the building’s insurance was all the coverage you’d need.
Gotham says: Condos and co-ops require apartment insurance. The policy that comes with the co-op usually only covers the building and common areas. You’ll need your own apartment insurance to cover losses such as theft, smoke damage, etc.
So you’re upgrading and moving out of your rental. The next step? Buying a condo or co-op.
Here are some things you need to know now that you’ve taken the next step in apartment living:
1. Insurance policies for co-ops and condos include three basic types of coverage.
Gotham says: “Contents” covers the bulk of your personal property-clothing, furniture, electronics-from fire, theft, smoke, explosion, and water damage from bursting pipes and overflows.
“Walls and floors” insures those surfaces, and also the built-in fixtures in the kitchen and bathroom, and the value of any renovation work you’ve done or purchased from the prior owner.
“Personal liability” covers you for bodily injury and property damage resulting from your (alleged) negligence—damage caused to neighbors or their property, and overflows from your toilet, tub, or sink into the apartment below. Or, if you overload a socket and a fire destroys several apartments that sends dozens of people to live in hotels for months–apartment insurance has got you covered.
2. Now that you’re serious about apartment living, you’ve invested in better furniture and have accumulated some assets.
Gotham says: If you’ve invested in a more expensive way of living, it’s smart to protect it. And you’re always one broken washing machine hose away from ruining your downstairs neighbor’s photography collection. Most apartment insurance policies come with $100,000 worth of liability coverage, but the difference between $100,000 and $1 million worth of coverage is only about $70 a year.
Everything about moving to a new place seems to take too long. Searching for an affordable rental, getting approved for a mortgage or by a co-op board, waiting for the cable guy. And then you have to deal with getting apartment insurance?
Fortunately, that’s the one part of your move that you can get out of the way in as little as 20 minutes. That’s the amount of time it typically takes Gotham Brokerage to line up apartment insurance for their clients.
Gotham Brokerage is a New York-based, family-owned company, and they know NYC apartment owner and renter needs better than anybody else. This means they can quickly determine the right kind of plan and coverage. If you’ve been putting off getting your apartment insured because you thought you didn’t have the time, now you know: it will take less time than it took to get your couch up the stairs, and probably cost less than the tip for the movers.
Sponsored post courtesy of BlankSlate for Gotham Brokerage.