Brooklyn apartments.

When life spins out of control, we like being able to help you put it back together.

Which is why we can’t stress enough just how important it is to have property insurance. In New York, where most people are renters, insurance sometimes becomes an afterthought. There are a lot of unprotected people. If you’re reading this blog, you’re savvy about the need for insurance, but if you ask your friends, you might be surprised by how many of them are making a bet that bad things won’t happen.

It’s a bad bet.

Accidents and crime may be rare, but when they happen, they can be devastating. Why risk losing everything when renter’s insurance policies can cost as little as $10 or $20 a month?

Gotham Brokerage has been a family-owned business for 50 years, and we have deep relationships with insurers in New York. We know which questions to ask to make sure you have full coverage, as well as which questions to ask to save you money.

Our relationship doesn’t end once you have your policy. If something happens and you need to file a claim, we’ll be there to help.

Here are some testimonials that our customers have written on Yelp:

“Very happy customer. We’ve worked with Jeff Schneider at Gotham for several years, and he is unbelievably responsive to any/all requests. The service level is really remarkable. We had a flooded apartment this summer, and both Gotham and the underwriter really came through.” — Anthony S., Brooklyn

“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 in 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.” — Margo K., New York City

As you might expect from reading those reviews, we have an A+ rating from the Better Business Bureau. After 50 years, we’ve helped thousands of people. Ask around. And while you’re at it, ask your friends if they’ve got coverage. You might be doing them a huge favor.

For more information about Gotham Brokerage, or to get a quote, visit www.gothambrokerage.com and give us a call.

Gotham Brokerage has been helping New Yorkers find the best insurance for 50 years

Tornado damage done to a home in Brooklyn. One of the many reasons using a broker is a good idea.

Not to put too fine a point on it, but insurance can be confusing. Different policies cover different things. Different deductibles create different rates. Different amounts of property mean that different people have different needs.

There are a lot of variables to juggle. Sadly, a lot of people who go it alone wind up either being underinsured — and at risk, or overinsured — and overpaying.

Gotham Brokerage has been helping renters and homeowners find the best property insurance and the best prices for more than 50 years. While you can check out our blog for a lot of good advice, our best advice is this: Give us a call at (212) 406-7300.

Here’s what customer Karen M. had to say about us on Yelp:

“Shopping around for homeowners/apartment insurance in NYC, I phoned a few companies: Allstate, State Farm and Gotham Brokerage. The first two are direct insurers and they were fine and the rates were all comparable, but I found the service from Gotham to be MUCH better.

“In the first place, I was speaking from the get-go with a seasoned insurance agent, not some random phone operator/sales drone. The agent I spoke to, Barry Frost, was very professional, knowledgeable and able to give me a quote without pumping me for all sorts of invasive personal information which the other companies demanded before I could even get the time of day from them! Originally, I had discovered Gotham through a web search and I found their blog to have some actually useful information: it was a true reflection of the kind of service they gave me – very professional, no-nonsense, easy-going, mature, intelligent and good value. A pleasure to do business with.

“Since my policy is new, I have no claim matters to relate (and hopefully never will!), but I did have a billing question about which they were very quick to respond to an email and totally helpful on the subsequent phone chat.”

If you’re feeling a little overwhelmed and not sure where to turn, visit our blog at www.gothambrokerage.com/blog, or give us a call.

Brooklyn Apartments. Photo-Wikimedia Commons

New York City has property insurance issues no other city has. The expense alone of NYC apartments, co-op flats, condos and houses, and the high proportion of renters to homeowners, means people need New York insurance brokers who, like a native guide, know the terrain and can keep you out of the swamp.

Two things make experienced brokers especially valuable for people who need property insurance: They can save policyholders money and time.

For one thing, brokers — independent parties who can tailor policies from an assortment of firms — are a better value than agents, who are under contract with one insurer.

Second, between condo and co-op policies and apartment insurance and homeowners’ insurance, things can get complicated. Every type of policy is different. In the case of condo and co-op insurance, different buildings can have radically different coverage — meaning that what you need to cover on your own policy can change from building to building. You can read about some of the potential pitfalls here.

Experienced brokers can cut through the confusion to help make sure that you’re fully covered. But they also work to make sure that you don’t buy extra coverage that you don’t need — and that vigilance will save you money. Depending on the type of coverage you need, your policy could be as little as $10 to $20 a month. That’s pretty cheap for peace of mind.

Speed can be just as important as price. New York real estate is notorious for changing hands quickly, and the last thing you want is to see your dream apartment snatched up by someone else while you’re calling around trying to get insurance quotes.

Experienced brokers can help most people arrange coverage in as little as 20 minutes — and since most landlords now require tenants to carry renter’s insurance, that speed is key. You’ll probably need to have a policy lined up before you’ll be allowed to sign a lease, so the clock will be ticking.

In that kind of pressure-packed situation, an experienced brokerage can be invaluable — and Gotham Brokerage is a family-owned firm that’s helped generations of New Yorkers from the heart of Manhattan for more than 50 years. Half a century is enough time to have seen a lot of crazy situations, especially in a city of 8 million people. There’s no property insurance maze we can’t help you navigate.

Interested? Give us a call at 212-406-7300. You can also request a quote from our “contact us” page. Good luck!

A common sight in New York City: a historic building, this one on East Second Street, converted into apartments. Photo by Beyond My Ken via Wikimedia Commons.

New York City has a lot of renter’s insurance options, so it’s no surprise that a lot of people have been searching Google lately for “best renters insurance NYC.”

First things first: You definitely want renter’s insurance. You might not even have an option of not having it. (More and more landlords are requiring tenants to have coverage — nothing hurts your ability to pay rent like having an accident and having to replace all your stuff.)

Good coverage can be very, very cheap — $10 to $20 a month. The trick is knowing which insurers or brokers to talk to and what coverages to ask for. Depending on where you are in life, you might be able to make do with a pretty basic policy.

For others, you might be able to save substantial money by tailoring your policy to cover only the things you need to cover — but you have to ask the right questions. It’s important not to overpay for coverage you don’t need.

You’ll want to get insured quickly, too. It’s important: Remember how we said that more and more landlords are requiring renter’s insurance before they’ll let you sign a lease? Apartments go fast in NYC, so it’s not really “best renter’s insurance” if the insurer is slow issuing your policy and somebody else scoops up the place where you wanted to live.

We thought we should chime in, because finding people the best possible insurance around New York is our whole reason for being. Gotham Brokerage has been at it for 50 years, so we’ve dealt with pretty much every situation and can make sure that you get the coverage you need without breaking the bank.

We can do it quickly, too, securing your coverage in 20 minutes in most cases. We’ve helped find policies for basic apartments all the way up to ones valued in the millions.

I took over the BBB A+ rated business from my father, and I’ve been running it since 1982, so I know the market. If you call Gotham, you’ll be talking to a local market expert — not some 1-800 number that connects you to a customer service representative in God knows where.

Give us a call at 212-406-7300 or visit us on the Web at gothambrokerage.com. We can cut through the confusion and get you the coverage you need — fast. We look forward to hearing from you.

Co-op apartment building on the Upper West Side of Manhattan. Photo courtesy of Beyond My Ken via Wikimedia Commons.

Few things are trickier than buying into a New York City co-op, and part of the hassle is figuring out what you need in terms of co-op apartment insurance.

The root of the confusion: Co-op associations already carry their own insurance, called a master policy, on the building and its shared areas — but that policy doesn’t provide full protection for each individual unit.

In the case of a disaster like a fire, most master policies only guarantee that they will rebuild a habitable unit: Plain white walls, floors and a ceiling. That nice granite countertop that you had in the kitchen? Gone. Your bamboo hardwood floors? Gone. The upscale remodeled kitchen and tub? Gone. Some master policies don’t even pay for new electrical wiring and plumbing.

That’s why it’s critical to understand what your co-op’s master policy covers and what coverage you need to buy for yourself.

You’ll also need your own policy in order to cover the contents of your apartment in case of theft or accidental injuries that happen inside your unit. It can save you from an ugly lawsuit if, for instance, a leaky pipe in your unit winds up damaging the unit of your downstairs neighbor.

Each master policy is different, so it can be daunting to figure out how to strike the balance between being fully covered and not wasting money by duplicating coverage.

“If you’ve spent a lot of money doing renovating your apartment — that’s the kind of thing you need to cover on your own policy,” says Jeff Schneider, president and CEO of Gotham Brokerage, which has been helping New Yorkers find property insurance for 50 years.

“I’ve been doing this since 1982 and one of my partnerships has been at it since 1977, so there’s not many scenarios that we haven’t seen,” Schneider adds. “We pride ourselves on being able to find the best policy and finding it very efficiently, whether you need one for a $300,000 apartment or a $3 million penthouse.”

Gotham Brokerage is a family-owned business, and after 50 years in New York City, we know the city’s housing and insurance markets by heart. As a brokerage, we use a variety of insurance underwriters to provide policyholders with the most cost-effective and comprehensive coverage possible.

Want to enlist Gotham Brokerage’s expertise to help you find the right co-op apartment insurance? Visit www.gothambrokerage.com.

Manhattan after dark. Photo courtesy of Radhika Bhagwat on Flickr.

If you’ve first discovered Gotham Brokerage by searching for “homeowners insurance NY,” then we’re glad that you decided to shop around.

It’s important to get the coverage that will keep you financially secure, no matter what, and to get it for the best possible price.

Gotham Brokerage is a family-owned business that’s been helping New Yorkers for more than 50 years. In a city as competitive as ours, we think that longevity speaks to how good we are at doing our job — which is to help you find the insurance that will meet your needs.

As you shop around, here are some things you should keep in mind:

Know what coverage you need
There are several different types of homeowners policies. Some cover basic hazards, such as fire, but not damage caused by leaky plumbing or frozen pipes. Others cover nearly everything. Different forms of coverage also pay out different amounts in the event that you have a claim.

“Actual cash value” coverage, for instance, might only pay off the amount you owe on your property, or its depreciated value, while “replacement value” coverage would generally pay for a rebuild. Even “replacement value” can get tricky, though, depending on how your policy defines “replacement.”

Different policies carry wildly different costs, so it pays to shop around. It also pays to ask the right questions. There are a multitude of ways to lower monthly premiums — having deadbolts to keep out intruders, for instance, can earn a discount from some insurers.

Know what covers what
Homeowners insurance is great, but there are plenty of options for people who are living in apartments, condos and co-ops, too.

Renter’s insurance can offer excellent protection for as little as $10 to $20 a month, and more and more landlords are requiring tenants to carry it.

Condo and co-op insurance, meanwhile, is important in order to cover your personal belongings — and your personal unit. The monthly fee that you pay to your condo or co-op association will cover reconstruction of your building, and a basic rebuild of your unit, but it won’t cover upgrades that you may have installed like premium flooring and countertops or stylish fixtures. Sometimes, they won’t even cover the cost of rewiring your unit. This is where your individual policy kicks in — and it illustrates why it’s important to know what you need to cover, so you don’t suffer a loss.

At the same time, though, you don’t need to be paying extra for coverage that you don’t need.
It can get complicated – which is why we are here to help. Like we said, we’ve got 50 years of experience helping people navigate the world of New York insurance, and an A+ rating from the Better Business Bureau to back up our work. Give us a call or visit www.gothambrokerage.com for more information.

The Empire Building (right), an apartment building in Manhattan.

Renters’ insurance has become a half-billion dollar industry in the United States, and it’s expected to keep growing as more Americans become renters and more landlords require their tenants to carry insurance.

About 66 percent of apartment rental companies required renters to hold insurance in 2010, up from just 24 percent in 2008, according to the National Multi Housing Council.

For landlords, it’s about making sure their renters stay financially solvent — and protect themselves, too. And that goes double for landlords and tenants in apartment-rich New York City.

It’s been a tough few years for the economy, and an awful lot of people who would normally be homeowners are now renters — either because they can no longer afford a home, can’t qualify for a loan or are waiting for the housing market to bottom out.

Finances have become much more precarious nationwide. That’s why renters’ insurance is so important. Think about it: If, God forbid, somebody breaks in and steals your jewelry or TV or work clothes — it’s going to cost a lot of money to replace what you’ve lost. For a renter without insurance, that’s just one more hole to dig out of. And while that renter is digging, they are more likely to fall behind on the rent, putting a pinch on their landlord.

For $10 to $20 a month, renters and landlords can rest assured that even in the worst-case scenario, an insurance company will be there to cut a check.

The fact that more families and middle-aged professionals are now renting also creates an opportunity for insurers — and should help foster more competition for clients. After all, these are the people who, in a better economy, would already have a homeowner’s policy.

“Demand is expected to continue rising as more firms in the apartment rental industry require tenants to hold renters insurance,” says IBISWorld Analyst Kevin Culbert.

There’s another benefit — renter’s insurance should also cover liability. That means that if a guest slips and falls or is otherwise injured through no negligence of the tenant or landlord, then the renter’s insurance will cover damages, and the guest won’t have to try to force payment from the renter or the landlord.

New York City renters can turn to Gotham Brokerage Co., a family-owned business that’s been open more than 50 years, for help finding the best insurance plan. As a brokerage, we use a variety of insurance underwriters to provide policyholders with the most cost-effective and comprehensive coverage possible. And as a proud NYC firm, we know the city inside and out and understand the hazards that only NYC apartment living can pose.

If you’re uncertain about your coverage, give us a call or drop us an email. We’d be happy to provide you with a quote.

An apartment building on E. 12th Street in the East Village, Manhattan. Photo by 'Beyond My Ken' via Wikimedia Commons.

The Business Insider blog quotes Gotham Brokerage President Jeff Schneider in a post about an important topic: The risks New York City renters take when they go without renters insurance.

That’s something we just blogged about ourselves, so it’s on our minds. Only 43 percent of renters carry renters insurance, according to one nationwide study, and it’s a constant source of amazement to us that people won’t spend a couple of hundred bucks per year to protect their valuables in an apartment or rented house.

Jeff talks about how even renters with insurance need to realize their policies don’t cover subletters or guests staying temporarily in your apartment through Airbnb or similar services: “The short-term rental will void any coverage you may have,” he says. “So if the ‘guest’ damages the apartment or steals from you or is injured slipping in the bathroom, there is no coverage.”

That’s important for New Yorkers to realize, given how many apartments the city has and the popularity of the Airbnbs of the world. The BI post also offers tips on finding the right coverage, record keeping and insider suggestions. We’re happy BI turned to Jeff for his insight, obtained the hard way over years helping New Yorkers find the right auto and home insurance at the right price.

The family has been doing this for more than 50 years, after all, and as a brokerage, Jeff and the Gotham crew know how to pick and choose from a variety of insurance underwriters to tailor the best policy for your needs. Want to put that expertise to work for you in finding NYC renters insurance? See www.gothambrokerage.com and call or email us for a free quote!

Apartment building in the Morningside Heights neighborhood of Manhattan

How much would you say you spend every month on coffee?

Twenty dollars? Thirty?

How about eating out, or drinks?

We all spend lots of money on stuff we don’t really need and tend to skimp on things worth far, far more — like renters insurance.

Even in New York City, with rents starting at more than $2,000 per month even for a studio apartment, renters insurance is surprisingly affordable — often as little as $10 to $20 per month. Considering what that buys, it’s astounding how few renters make this easy but essential expense — only 43 percent of the nation’s renters own rental insurance, according to an Insurance Research Council poll.

When you buy renters insurance for personal property, you’re protected against losses from fire, smoke, lightning, vandalism, theft, explosions and windstorms, and they also generally cover additional living expenses if they have to temporarily relocate because of a covered disaster. Policyholders always have the option of purchasing flood or earthquake insurance or a floater to protect expensive items such as jewelry or furs.

Liability coverage protects you from expenses related to accidents at your rental home — such as a non-family member tripping and breaking an ankle, something you could be held liable for, or water damage from an overflow.

Of course, prices hinge on such variables as neighborhood, building age, claim history and deductible amount. The point is that a minimal monthly expense can buy thousands of dollars in coverage, and something even more important: peace of mind.

Ivey Apartments in Manhattan, photo by 'Americasroof' via Wikimedia Commons.

Renters insurance is something you shouldn’t go without in New York City — and Gotham Brokerage, as a firm with more than a half-century of experience tailoring customers’ home insurance policies, can help find the most reasonable prices.
As a brokerage rather than an agency, we can pick and choose from a variety of underwriters to provide our customers with the best and most affordable policies. We offer only replacement-value policies, too, ensuring that in the event of loss or damage, you’d be reimbursed for the full, as-new price of your insured items (as opposed to cash-value policies, which factor in depreciation and pay out less for claims).

In an apartment-heavy city like New York, with multiple aging buildings, it’s critical to have a quality renters insurance policy covering your personal items. Check out Gotham Brokerage’s website at gothambrokerage.com and email or call us for a free quote!

Christmas lights are beautiful but can be dangerous, too, if you're not careful. From 'Arriva436,' Wikimedia Commons.

The very things that fill our minds with lovely holiday images — candles in the windows, fowl in the oven, houses bedecked with lights — can, sadly, touch off disaster.

Any of the above can start a fire, the most common and costly kind of holiday-related mishap. Each winter, an estimated 108,400 residential building fires start in the United States, killing nearly 1,000 and causing $1.7 billion in property damage, according to the U.S. Fire Administration. The holidays bring other risks, too: injury from hanging decorations in the home, for example.

It’s always wise to review your homeowners’, co-op and condo and other renters’ policies, and your liability coverage, to make sure you’re covered for any holiday hazard. It’s smart to take some common-sense precautions, too:

A decorated Christmas tree is a delight for adults and children, but take care breakable ornaments are hung high and secure on the tree. Public domain photo, Wikimedia Commons.

• If you have a fireplace, move stockings, decorations and anything else flammable off the mantle before starting a fire and always use the fireplace screen. Don’t burn wrapping paper, which burns hot and can throw sparks.
• Keep a close eye on the oven and stovetop when cooking holidays feasts, and turn pot handles inward to lessen the risk of knocking something over. (This is good advice any time of the year.)
• Double-check electrical outlets to make sure they’re not overloaded and check extension cords to make sure they’re not frayed or damaged. Keep flammable items at least three feet away from space heaters and move candles away from anything that might burn.
• Hang breakable ornaments high on the tree to keep them out of reach of young children.
• Carefully dispose of any wrapping or boxes to reduce risk to children.
• If you plan to host one or more holiday parties, check your policy for “social host liability,” a kind of coverage that protects a party host from liability when a guest who drinks at your party causes injury to others. Typical homeowners’ policies provide such coverage, but you should think about hiring a bartender who can regulate the flow of alcohol and keep an eye out for guests who need a ride home.

We at Gotham Brokerage Co., Inc., have been through a lot of holiday seasons in the city, and we know the special hazards holidays can bring — and happiness, too. Knowing you’re covered for any possibility is one of the keys to being able to sleep in heavenly peace during the season. If you’re unsure about your coverage, check us out at gothambrokerage.com, or call or email us, and we’d be happy to provide you with a quote — and that all-important holiday peace of mind.

Jeff Schneider
(212) 406-7300
jeff.gotham@gmail.com