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Does It Cost More for Renters Insurance in an Old Brownstone vs. New Construction?

Posted on April 17, 2013

From modern high-rises to funky brownstones, NYC renters insurance is a must-have

Photo by edenpictures / Flickr Creative Commons

Can’t decide between the historic allure of one of New York’s storied brownstones or the sleek, contemporary look of a new high-rise apartment? Don’t let the cost of renters insurance be your deciding factor.

If the brownstone you are considering has four or fewer apartments, the rental insurance premium is the same as it would be for a modern high-rise apartment or a low-rise, should you decide to take those options.

Your New York landlord is required to maintain building insurance for the structure you live in. But his insurance won’t replace anything you lose if a thief breaks in and decides to help himself to your electronics and jewelry. That’s why it’s so important to insure the things you worked hard to own.

While many people associate loss of personal property with theft, you can also lose your electronics to power surges during storms. Water from a ruptured pipe or water that pours into your apartment after a high wind sends a heavy tree branch through your window can also cause a fair amount of damage, wiping out more than just your laptop and television.

For less money than you would spend annually buying a daily dark roast, you can insure all of your personal property, about $20,000 worth of insurance for less than $150 a year. Need more than $20,000 worth of coverage? No problem. Pick a plan that covers your needs, and you won’t have to worry about losing a penny replacing your MacBook when a ruptured water pipe buries it beneath an inch of water.

So whether those Bishops Crook Lampposts in your favorite historic area are beckoning or you can’t wait for the friendly greeting from a doorman in your brand new building, kick off your shoes in something old or something new. Your insurance costs will remain the same whichever you choose.

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.