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5 Items that Cost More Than NYC Apartment Insurance

Posted on July 11, 2013

NYC apartment insurance may be more valuable than even caffeine

You can insure your New York City apartment for less money than your daily latte habit.

New York City is an easy place to splurge, but before you dig to the bottom of your bank account, make sure the basics are covered. A NYC condo or coop insurance policy protects all your valuables, and ultimately your cash flow, for about $230 to $280. Renters insurance starts as low as $125. That will insure everything you own in the event of theft, fire, certain types of storm damage and other events that are considered insured losses.

Your landlord is required to maintain building insurance for the real property. But it’s up to you to insure your personal belongings. That will keep you from cleaning out your bank account, replacing everything from your undergarments to the food in your refrigerator. Your policy will also provide a specific amount of liability coverage if someone sues you after slipping on the floor and getting injured inside your apartment.

For less than $1 a day, you can buy this coverage. That’s a lot less than these five things you may have been spending your money on.

• A HardCandy ShockDrop protector case for your iPhone is about $40. Shockingly, you could spend far less than that to protect everything you own in your entire apartment for a month.

• Cartier sunglasses start at $500 and go to $870 on the company’s website. Sure, they shield your eyes from harmful sunrays. But for half the money of the lower-end Cartiers, you can shield your stuff from harmful burglars and storm damage for whole year.

• A morning latte at a cost of about $3.50 will lighten your wallet $1,277.50 over the span of a year. That’s a wad of cash for a daily dose of caffeine and way more than you would pay for an insurance policy to protect your apartment.

• Everybody’s gotta eat, but two breakfast platters with maple pecan waffles with cardamom butter from The Cinnamon Snail food truck, at $14 each, will set you back more than a month’s worth of apartment insurance would cost.

• Nothing says “I’m every woman” (or man) like a pair of $298 Cole Haan loafers. Nothing says “I’m a smart woman” (or man) like a year’s worth of protection for your shoes and everything else you own.

Before you spend money on things you can arguably do without, protect your investments with something you absolutely need: an affordable insurance plan. Let Gotham Brokerage, a family-run business in New York City for more than 50 years, match you up with the right insurance agent. Give us a call at 212-406-7300 or fill out the form at right.

Gotham Brokerage Co., Inc. is a family run insurance brokerage serving New Yorkers for over 50 years. We specialize in the insurance needs for those living in the city and provide a full range of insurance products designed specifically for the city.