Buying an Apartment? Here’s What You Need to Know About Insurance

You have to get apartment insurance in order to close on your dream apartment, but there’s a lot of fine print, which none of us read — so here are a few things to ask your broker:

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1. Does it affect my insurance cost if I renovate immediately rather than waiting?

If you are painting or refinishing a floor over a few weeks at a cost of, say, $5,000, probably not. But replacing a kitchen and bathroom over six months, yes. Many standard policies are voided by more extensive renovation work. Best bet? Ask your broker.

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2. What if I’m forced to move out for a while due to damage in my home?

Most policies will pay for you to stay in a hotel or rent a temporary location while you are under repair from a covered loss — it’s called loss of use or additional living expenses (ALE). There’s usually a dollar limit or a time limit or both, so talk to your broker.

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3. Is there a difference in cost and coverage between a co-op and a condo?

There is not, but a broker with local knowledge can help translate the requirements of co-op boards and condo boards, which can vary.

Gotham, New York City’s No. 1 apartment insurance broker (based on Yelp reviews), has been providing exceptional service to New Yorkers for over 50 years.

Just fill out the quick form, give them a call at +1 (212) 406-7300 or shoot them an email at

[Photos via Unsplash and Pixabay]

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