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An apartment worth 700,000 years of NYC renter’s insurance

Posted on June 21, 2012

A record-setting apartment purchase demonstrates just how much people love living in New York CityHow much can $88 million buy? About 150 million White Castle burgers, 5 million large pies from Angelo’s Pizza, 3.5 million Yankees tickets — or up to 700,000 years worth of renter’s insurance.In the case of 22-year-old Ekaterina Rybolovleva, daughter of Russian billionaire Dmitry Rybolovlev, $88 million bought a 6,744-square-foot penthouse apartment overlooking Central Park. According to The Wall Street Journal, it was the most expensive apartment sale in New York City history.

What does this mean for more average New Yorkers? Well, for one, it means that if you deliver a pizza to 15 Central Park West, you should expect a pretty good tip.

It’s also further proof of just how much people love living in New York and are willing to pay for the privilege. A report from CitiHabitats showed that average rents in Manhattan was more than $3,400 in May. Rents aren’t exactly cheap in Brooklyn, Queens or the Bronx, either.

Considering what New York City residents pay for rent, the cost of renter’s insurance is a drop in the bucket. Renter’s insurance can cost as little as $10 a month, protecting renters from theft, fire, liability concerns and other financial disasters. Many renters don’t realize that, if their property is damaged or stolen, their landlord’s property insurance property is unlikely to pay for the loss. That’s because landlords’ policies generally only cover the structure itself — not contents.

New York City-based Gotham Brokerage Co. Inc. can help you assess your insurance needs, whether you are renting an apartment or moving into an $88 million penthouse. The company is family-owned and has been helping New Yorkers find insurance for more than 50 years. We work with multiple insurers, which allows us to shop around for the policy that best suits a customer’s needs.

Our experience and knowledge of every nook of the New York City insurance market also means that we’re able to move very fast. We can deliver insurance in as little as 20 minutes. That’s important because New York City apartments also go incredibly fast. The May CitiHabitats report also pointed out that occupancy rates in Manhattan were 99.1 percent — so less than 1 percent of NYC apartments were available for rent. More and more landlords are requiring tenants to carry insurance, and competition for apartments turns every opportunity into a renter/insurer relay race. Wouldn’t you like to pass the baton to somebody who has been winning that race for 50 years?

To find out how we can help, call us at (212) 406-7300, or request a quote at the righthand of the screen.

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.