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Condo Insurance May Be the Best Bargain in New York City

Posted on April 24, 2013

Owners in NYC can count on condo insurance to protect their valuables

Photo by Christopher Macsurak / Flickr Creative Commons

You just spent $35,000 in upgrades to the kitchen and bathroom in your New York City condo.  If you don’t already have individual condo insurance, you should get a quote today to protect your investment. At a cost of about $200-$250 a year for owner-occupied condo units, condo insurance may be the smartest money you spend in New York — and the best deal in the city.

When disaster strikes, the building policy will not cover your personal property or any of the fabulous new upgrades like your new granite countertops.

Not to be confused with renters insurance, which offers similar liability protection and covers personal belongings such as clothing, electronics, sporting equipment and other items, condo and coop insurance provide coverage for structural damage to your living space in the event of a fire, storm or any other type of insured loss. Unlike the new travertine tile in your bathroom, condo insurance is a necessity, not a luxury. In addition to the typical coverage you would expect out of an insurance policy, condo insurance can also cover you for credit card and check forgery, a crime reported every day all over the country and not often solved.

When you put pen to paper, give careful consideration to the level of insurance protection that you think you will need. Take a room-by-room inventory of your personal belongings, right down to the number of undergarments you own. Consider whether you should buy additional coverage for art, furs or high-value jewelry.

If you’re wondering exactly what you are responsible for insuring when it comes to your unit, give Gotham Brokerage a call. We can give you the ins and outs of your condo insurance policy.

For more than a half-century, Gotham Brokerage, a family-run business in New York City, has been finding insurance agents for residents in the Tri-state area. Let Gotham match you up with the best agent for your needs. 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.