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How Long Do Condo/Coop Insurance Claims Take?
With most insurance companies, condo/coop insurance claims won’t linger
As strong winds and storm surge bore down on New Yorkers during superstorm Sandy Oct. 29, there was never a better example of the need for condo and coop insurance. Unlike the master policy that your landlord holds on the building for structural damage, condo and coop insurance covers your losses from electronics and sporting equipment to clothing, furniture and other personal items.
Claims are usually settled in about 30 days. Some claims could take longer depending on the factors contributing to your loss. The Insurance Information Institute recently released a statement that insurers in New York and New Jersey, the states that Sandy slammed the hardest, have settled 93% of the claims related to that storm. The institute says that insurance companies are estimated to pay about $18.8 billion in claims, making Sandy the third costliest storm in the country’s history behind Hurricane Katrina in 2005 and Hurricane Andrew in 1992.
Thankfully, storms like Sandy don’t blow into New York that often. But other events, such as fire and theft, are far more common and can be just as costly if you don’t have a condo or coop insurance policy. In addition to providing you with the money to replace items lost, condo or coop insurance will also provide liability protection if someone gets hurt in your home and they sue you. Your insurance policy will pay your legal expenses and any court award up to a specific amount stated in your policy.
All this coverage may sound expensive — but it’s not. For about $150-$250 a year, you can cover $20,000 worth of personal items. If you need more coverage, figure out what dollar amount it would take to replace your things, and ask for quotes based on your personal needs. Keep in mind that some items, such as jewelry, artwork or furs may have a cap unless you buy an additional personal articles policy to fully insure them. The cost is literally just pennies a day.
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.