Claims on NYC condo insurance, apartment insurance made easier with inventories
A room-by-room inventory is one of the most important components of your NYC condo or coop insurance. For less than a dollar a day — $230-280 annually — you can insure your condo or coop and its contents as well as protect yourself from liability if someone gets hurt on your property.
To make sure you get the most from your policy, you need to take a room-by-room inventory of everything you own from the light fixtures on the ceiling to the fabulous hardwood and tile on your floor and everything in between.
A digital inventory is better than an old-fashioned, written inventory because it’s simple, fast and, with cloud storage, always available to you no matter where you are.
In the not-so-distant past, a room-by-room inventory could take hours or even days as you painstakingly wrote down everything owned and its value. Now, the task will likely take you less than an hour.
It’s as quick and easy as grabbing your digital camera or smartphone and shooting photos or video of every room, taking care to open drawers and cabinets, and making a digital voice recording of the cost to replace each item. Keep in mind that the cost to replace the television you bought at a Black Friday sale a year ago may be a few hundred dollars more than what you paid for it. It’s important to understand the difference between replacement cost and the cost that you paid for something.
Once you complete the inventory, store it in your memory cloud. That way, if someone steals your laptop or a fire destroys everything you own, you won’t have to worry about losing your home inventory as well. Having this digital inventory will be important when the time comes for your insurance claims rep to write up a check to repair or replace your stuff.
Gotham Brokerage, a family-run business in New York City for more than 50 years, can match you up with the right agent. Give us a call at [telnumlink]212-406-7300[/telnumlink] or fill out the form at right.