Expensive jewelry that is stolen of misplaced may not be fully covered by your standard insurance policy. (Photo by Mario Sarto, via Wikimedia Commons)

Most people have a few precious heirlooms that they would hate to ever lose: a grandmother’s diamond brooch, a father’s watch, a valuable necklace from a favorite aunt, the earrings that marked an anniversary. The items carry a lot of sentiment, to be sure, but that jewelry is also often among the most valuable possessions in a person’s home.

If you have a renters insurance, condo insurance or co-op insurance policy, you might assume that everything is covered as long as your coverage is set high enough. That’s not necessarily true.

Insurance policies set a coverage amount for personal property — $50,000, for instance. But when jewelry is stolen or misplaced, a standard insurance policy may not offer the coverage that you expect. Some standard renters and homeowner policies will only pay a maximum of $500 or less for a stolen item.

So how do you protect your precious heirlooms? With a rider on your policy.

If you have valuable jewelry or other items, consider adding to your policy a rider that provides full coverage for precious items. It will cost a little more money, but it can have a huge payoff if you lose a valuable piece of jewelry.

Arranging apartment insurance can be simple if you go to a brokerage New York residents have been using for decades to help them protect their possessions — Gotham Brokerage, a family-owned enterprise for a half-century and proud owner of a A+ rating from the Better Business Bureau.

We’ve been doing this for a long time, so we know which questions to ask to make sure our customers get proper coverage quickly. And since we deal with multiple insurers, we can steer them to the combination of policies that offers the best protection for the best price.

To find out how Gotham Brokerage can help you, call (212) 406-7300 or fill out the form at right to request a quote

Many condo master insurance policies will only pay to rebuild your unit's shell, so if you don't have an individual policy, this could be your "welcome home." (Photo courtesy of Amaxson, via Wikimedia Commons)

New York City real estate is back. The New York Times recently wrote about a $1.875 million open house in Manhattan that drew more than 200 people, as well as 14 bids. Clearly, people are ready to buy property again. But are they taking the right steps to insure it?

If there is one thing that Gotham Brokerage has learned over 50 years, it’s the fact that New York property insurance rules can be tricky. Here are some Manhattan condo insurance tips that can help protect your investment. The tips apply to co-ops, too:

Tip No. 1: Don’t rely on the building’s insurance
Your monthly condo fee will help pay for a “master insurance policy” for the building, so you’re covered if your unit is damaged, right? Wrong!

Master insurance policies cover repairs to common spaces, such as hallways and entryways, as well as the exterior of the building — but that protection largely disappears once you walk through the door into your unit. The building policy will pay to rebuild a shell of a unit, but the rebuilt unit will often be bare bones.

Your nice kitchen? Gone. The replacement will be basic. Your premium hardwoods? Expect cheap carpet. Some building policies don’t even pay to have plumbing or electrical reinstalled.

A personal condo insurance policy is needed to properly cover and restore your unit.

Tip No. 2: Protect yourself from lawsuits
If someone gets hurt in your unit, and they can argue that it was your fault, they can sue you. Your building’s master policy offers no protection. A personal condo insurance policy, however, will pay for your court expenses and settlement costs.

A personal policy will also cover damage that you may inadvertently do to a neighbor’s property — such as a leak that seeps into a neighboring apartment.

Tip No. 3: Keep a roof over your head
If disaster strikes, your unit may become uninhabitable. The situation is even worse, though, if you’re not covered for “loss of use.” Your personal condo insurance policy should help you pay for new living arrangements while your unit is being rebuilt.

Tip No. 4: Take inventory of your belongings
Take stock of your entire wardrobe, all your furniture, computers, TV, appliances, china, silverware, holiday decorations, etc.

How much is it all worth? If you don’t have a personal condo or co-op insurance policy, then it could all be worth “$0” in the event of a fire or theft. A building’s master insurance policy will not cover your personal belongings, which is another reason why it’s important to have a policy that covers your unit.

Whether you are buying a condo, renting an apartment or buying into a co-op, Gotham Brokerage can help you quickly find insurance. Give us a call at 212-406-7300, or visit us at www.gothambrokerage.com.

Gotham Brokerage's new front door at 75 Maiden Lane. We're in Suite 804. (Google Street View)

Gotham Brokerage Co., Inc., which has been helping New Yorkers find property insurance for 50 years, has moved its office a couple of blocks south. We unpacked our boxes Friday at our new home, 75 Maiden Lane, Suite 804, New York, N.Y. 10038.

We know all about the city’s dynamic real estate market, and it turns out that the market spurred us to relocate. Our old location on William Street is leaning more toward condominiums and cutting back on office space, so when our lease was up, we decided to move.

C’est la vie. Change is the one constant in life, and you have to make sure you’re prepared for it. Fortunately, we’re experts at dealing with change.

“I was referred to Gotham by a friend when I rented my first apartment in NYC after I graduated from college,” New Yorker Margo K. writes on Yelp. “I’ve moved twice since and now I’m married and living in a condo. Gotham has stayed with me. I was robbed once and, thankfully, my jewelry was insured so the sting was much less awful. Gotham is always helpful and they’ve been really good at helping me to adjust my policy and also add new ones as my needs have changed and grown.”

Our new office is up and running, ready to serve existing and new clients shopping for renters, condo, co-op and house insurance.

Gotham Brokerage has an A+ rating from the Better Business Bureau. Real estate insurance policies can be tricky in New York, and we specialize in ensuring that customers have full protection without overspending for coverage.

We’re also super-fast.

“People need their insurer to be available and responsive,” says CEO Jeff Schneider. “That’s why we’re proud to be up and running so quickly after our move. We’re not big fans of disruption, in our lives or our customers, so we do everything we can to smooth out the potholes.”

Come see us at our new office. And if you’re moving soon yourself, give us a call. We can share some tips — and we might still have some boxes you can borrow!

New York has a lot to offer. When it comes to insurance, Gotham Brokerage can help narrow things down for you. Photo courtesy of AngMoKio, via Wikimedia Commons.

Who gives the best apartment resident insurance quotes in New York?

Ask 10 New Yorkers that question, and you’re likely to get 10 different answers. With several hundred insurers doing business in New York, it can be hard to sift through all the offers to figure out who is actually offering customers the best deal on renters insurance.

That’s why we do the sifting for you.

Family-owned Gotham Brokerage has been in business for 50 years, and has relationships with several insurers. As an insurance broker — rather than an insurance company — we’re free to steer customers to whichever company offers the best policy.

“Policies can be very different between one insurer and the next — and there are a ton of options that can affect the price of a policy,” Gotham Brokerage CEO Jeff Schneider said. “If you’re shopping for renters insurance, you’re already taking a big step to protect your property. You should have somebody working to protect your wallet, too.”

Gotham Brokerage’s encyclopedic knowledge of the New York insurance industry means that we can help you find the excellent coverage — and we can find it fast.

Renters insurance policies can cost as little as $10 to $20 a month, and Gotham can help customers find insurance in as little as 15 minutes.

Our dedication to our customers has helped us earn an A+ rating from the Better Business Bureau and has won us accolades on sites like Yelp.

“I was referred to Gotham by a friend when I rented my first apartment in NYC after I graduated from college. I’ve moved twice since and now I’m married and living in a condo. Gotham has stayed with me,” customer Margo K. wrote on Yelp. “I was robbed once, and thankfully, my jewelry was insured so the sting was much less awful. Gotham is always helpful and they’ve been really good at helping me to adjust my policy and also add new ones as my needs have changed and grown.”

To learn how we can help you, give us a call at 212-406-7300.

Brooklyn apartments, circa the 1970s. At this point, Gotham Brokerage has already been in business for many years. Photo courtesy of U.S. National Archives and Records Administration, via Wikimedia Commons.

When people are comparison shopping for property insurance, many want to know: What are the best New York City insurance agencies?

Most folks start by comparing prices. Gotham Brokerage isn’t shy about the fact that we can save people money. A renters insurance policy often costs just 30 to 60 cents a day — far less than the cost of a street vendor hot dog.

But price isn’t all that matters. Getting a policy that meets your needs is critical.

Having an agent that pays attention to your needs can make all the difference.

Gotham Brokerage has been helping New Yorkers for more than 50 years — we know that price matters, but we also know that if customers ever need help, the details of the policy will be important and they will want an agent who is an advocate for making them financially whole.

“Our job doesn’t end when you sign your policy,” said Gotham Brokerage President Jeff Schneider. “That’s not even when our job begins. It starts by listening to you to make sure we can get you the policy that you need at the best possible price. Obviously, being hired is nice, but the satisfaction doesn’t come from taking in checks — it comes from handing them out when it really makes a difference.

“I think we’ve done well for decades because we truly love helping people put their lives back together. It’s also nice when you’ve had the same client for several years and they come back to see you because their family has grown or they’ve gotten a bigger apartment or bought a home.”

Gotham’s emphasis on customer service, and its interest in its customers lives and wellbeing, has helped the company earn stellar reviews on Yelp and from the Better Business Bureau, which gives Gotham an A+ rating.

We hope to get a chance to meet you soon. When you’re ready, give us a call at 212-406-7300.

The Met Life Tower on Madison Avenue in Manhattan. MetLife is one of hundreds of companies that sell property insurance in New York. Photo courtesy of Blueskied, via Wikimedia Commons

How do you shop for property insurance?

If you’re like most people, you pick up the phone and call three or four insurers to get quotes, then go with whichever company offers you the best price.

That’s a good start.

What you probably don’t realize, though, is that there are several hundred companies that sell property insurance in New York.

Are you sure you got the best possible deal?

Family-owned Gotham Brokerage has been helping New Yorkers find the best renters insurance, co-op insurance and property insurance for more than 50 years. Decades of experience have given us a bird’s eye view of the New York insurance market. We work and live in Manhattan, and during disasters we’ve seen what good insurance looks like, what bad insurance looks like, and —worst of all — what no insurance looks like.

Insurance doesn’t have to be expensive. Many renter policies cost as little as $10 to $20 a month. Part of keeping insurance costs low is working with the right company, but it’s also important to know what questions to ask.

Do you really need $100,000 worth of contents coverage? Or would $30,000 cover all of your losses in the event of a fire? The answer to that question will have a big effect on how much you pay for insurance.

Will that $100,000 worth of coverage pay to replace a treasured family heirloom? If you’re not careful when shopping for your policy, you might eventually learn that the answer is “no.”

Does your policy provide liability coverage in case someone gets injured in your apartment, or your bathtub overflows and ruins the apartment below you?

These are all questions that you should ask, but are frequently forgotten about when calling for quotes.

Let Gotham help. We can find you the best quotes — scouring a wide web of insurers — and we can also make sure that you are fully protected.

Give us a call at (212) 406-7300.

Bad or aging plumbing can lead to disaster for New York apartment dwellers. Public domain photo via Wikimedia Commons.

Thieves. Hurricanes. Fire.

They’re all scary.

But the New York City apartment dweller’s most fearsome enemy may be … the toilet.

Toilet overflows are common in New York City apartment buildings, which often have aging, inadequate or corroded plumbing. When the dank water from an upstairs neighbor’s john starts to seep through your ceiling, you’ll want some serious reassurances that your life has not just turned into No. 2.

Renters insurance can provide that reassurance. For as little as $10 to $20 a month, you can get a policy that will pay to replace any belongings ruined in an overflow. Some policies will also cover your living expenses while your unit is restored to livable conditions.

“Life isn’t always pleasant,” Gotham Brokerage president Jeff Schneider says. “When it rains, it pours, and it’s good to have somebody standing by you with an umbrella.”

A renters insurance policy also protects you if the leaky pipe or overflowing toilet is in your unit — and your downstairs neighbor suddenly finds himself living in a sewer because of your apartment’s leak. Liability coverage means that if your neighbor sues, your insurance company will make sure that your toilet’s failure hasn’t left you bankrupt.

In the 50 years Gotham Brokerage has been in business, we’ve seen less theft and loss from fire. Bad plumbing, however, is a consistent villain because of the city’s aging housing stock — and one that people often overlook until a leak starts to ruin their belongings.

We’re a family-owned business with lots of experience helping New Yorkers find property insurance, so let us help. We work with all the major insurers in New York and can help find a policy that will keep you covered even when disaster starts to seep into your life. We can find you coverage fast, too — in as little as 20 minutes.

Don’t let the toilet win. Give us a call at (212) 406-7300.

An apartment building on West 24th Street in Manhattan. Courtesy of Beyond My Ken via Wikimedia Commons.

When renters come to us for help buying NYC renters insurance, we go over a lot of details to make sure they get the coverage they need. Here are some of the things you should keep in mind when you’re shopping:

• Make an inventory: Make a list of everything that you own, and be thorough. If you have a Blu-ray player, list the manufacturer and the model. If you have a baseball collection, or antique china dolls, note what exactly you own. The same goes for furniture, appliances, computers and other electronics, and other personal possessions. The first step in buying a renters policy is understanding the value of your property so that you can buy the right amount of coverage. Someone with a futon and a modest wardrobe is going to need a whole lot less coverage than someone with a four-poster bed and a closet full of designer fashions.

• Take note of your most valuable possessions. Many policies limit the total they will pay for certain types of items, such as silverware or jewelry. If you need extra coverage, an insurance broker or agent can help you buy it.

• Double-check your coverage. Renters policies cover most hazards except for flood damage. If that’s a concern, you should consider adding a flood policy. But there’s another item that renters should keep an eye out for: living expenses. If your apartment is damaged, you’ll need to find another place to stay, and the cost can add up fast. Not all policies cover emergency living expenses.

• Check how you would be reimbursed. If your property is stolen or destroyed, your insurer will likely be writing you a check. But the size of the check can vary dramatically depending on whether you choose “actual cash value” coverage or “replacement cost” coverage. Think about your bedroom set. You may have bought it for $2,000 a decade ago, but it may be priced at $500 today — even though you could sell it for more. Replacement cost coverage guarantees you get enough money to replace what you’ve lost based on its as-new, not depreciated, price.

• Watch out for liability. Most renters policies will provide liability coverage in case someone is injured or has property damaged at your apartment. Prices for coverage can vary.

• A broker can be your best friend. Sorry for the shameless pitch, but it’s true. We’ve been in business 50 years, we know our stuff, and we can help you get the coverage you need at an affordable price, fast.

Gotham Brokerage can walk renters through all these steps, and find renters policies that cost as little as $10 to $20 a month. If you’d like some help and expert advice, give us a call at (212) 406-7300.