Insurance Wisdom For First Time Buyers, Renters, and Movers

Insurance can be Confusing for First Time Buyers, Renters, and Movers

Whether you’re a buyer or renter, it’s important to understand the basics of apartment insurance plans. Generally, it’s a good idea to shop around for insurance coverage and compare rates and coverage options. Everyone’s situation is different, and you’ll want to make sure you have enough coverage to protect your personal belongings and your responsibility for the structure of your residence, but you also don’t want to overpay for coverage you don’t need. By doing your research and understanding the basics of apartment insurance plans, you can find the right coverage for your needs and budget.

For buyers, when you purchase a condo or co-op, you’ll need to purchase an insurance policy that covers your personal belongings, as well as the internal structure and improvements or upgrades you make to the unit. The policy also covers your Personal Liability – if, for example, you cause water damage to the apartment below yours or your dog bites your guest.

It’s always a wise move for renters to also invest in apartment insurance that covers personal belongings, as well as liability for any accidents or injuries that occur in your apartment. Policies also provide coverage for loss of use, which will help cover the cost of temporary housing if your apartment becomes unlivable due to a covered event, like a fire or extensive water damage from a broken pipe.

two men carrying a woman on a couch first time buyer

First Time Buyers

Basic homeowners insurance policies typically cover damage to your property and personal belongings, as well as liability for any accidents or damage to another property for which you are legally responsible. However, it’s important to note that basic plans may not cover everything, especially in a city like New York where there are unique risks and challenges, making it even more important to know what your insurance policy does and doesn’t cover.

For starters, if you live in a condo or apartment building, you want your policy to include coverage for damage caused by a broken pipe or overflow fin a neighboring unit. Also, if you own a co-op or condo, you’ll need to make sure your insurance policy covers any improvements or upgrades you make to your unit. And another factor to consider is the value of your personal belongings – basic homeowners insurance policies typically provide coverage up to a certain dollar amount, however if you have valuable items like jewelry, artwork, or collectibles, you may need to purchase additional coverage to ensure those items are fully protected.


Renters insurance varies from plan to plan, but in general, it covers personal property, such as clothing, furniture, artwork, and appliances; personal liability, meaning legal expenses and judgments from lawsuits or civil claims against you; additional living expenses like lodging, food, and transport if you are displaced by a covered peril.

When purchasing renters insurance, it’s just as important to research what renters insurance does not cover. Usually, policies cover fire and smoke, explosions, wind and hail, theft, vandalism, lightning, and burst pipes. What’s not typically covered, however, are earthquakes, floods from rising waters (like heavy rainfall), intentional injuries to others, damage from pests, regular wear and tear, and damage from sewer backups.

Renters insurance usually doesn’t cover exterior building damage, i.e. a storm destroyed roofing or siding. Damage to common areas (as well as injuries that occur in common areas), like the lobby and elevator, are also excluded. And it’s also important to note that some insurers won’t cover certain dog breeds.

Gotham Brokerage is Your Local Source for Apartment Insurance

When it comes to finding the right apartment insurance policy in New York City, it’s important to work with a team that understands the particular needs and characteristics of the NYC market. That’s where Gotham Brokerage comes in – we have honed deep familiarity with NYC for 60 years. We will recommend the insurance plan and coverage that fits your needs.

The team at Gotham knows NYC and its neighborhoods like no other, and are familiar with the requirements of boards, banks, and landlords. We have tracked the increasing costs of renovations and the difficulties in navigating the claim and repair process in this new post-covid, inflationary moment.  Most of all, we are responsive and straightforward. You’ll always speak to a real person – not a bot who doesn’t know the difference between a pre-war building and a converted loft.

Get a Quote Today!

In the market for renters, condo or co-op, or home insurance in New York City? Just contact Gotham Brokerage – your neighbors who know exactly what you need in the Big Apple. Fill out our form here to get a free quote!

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