How to Keep NYC Condo and Co-op Insurance Premiums Down
Deductibles, alarm systems affect your bottom line
You’ve just refurbished your condo unit complete with a kitchen remodel that includes new countertops, appliances and imported tile flooring. You installed a top-of-the-line rain shower head in your newly tiled bathroom and put a fresh coat of paint on the walls and new furniture in the bedroom. Now you need to make sure all of your hard work is properly insured with an insurance policy that doesn’t break the bank.
For about $230-280 annually for a basic policy, you can insure your condo or your coop and its contents. While you consider what type of policy you need, you should get a copy of your condo association’s master policy to determine whether it covers anything inside your unit, such as carpets and cabinetry, or if the association maintains only a bare-walls policy that would not cover anything in individual units. An experienced professional at Gotham Brokerage can examine your building’s master policy to help you figure out the type and amount of coverage that you need.
Meanwhile, there are several steps you can take that could potentially lower the cost of your insurance premiums.
Find a deductible that best fits within your budget. Deductibles for condo and coop insurance start out at $250 and increase to $500, $1,000 and $2,500. The higher your deductible, the less your premium will cost. But think carefully before raising that deductible, because whatever amount you choose, that’s the out-of-pocket expense you will incur in the event of an insured loss.
Try preventive measures. Some insurers offer discounts if you install smoke detectors, deadbolt locks, fire extinguishers and burglar alarms.
Keep your credit score high. Insurance companies often set prices partially based on a customer’s credit score.
Consider multi-line discounts. While many New Yorkers don’t own cars, if you do and you buy your car insurance from the same agency as your condo or coop insurance, you could qualify for a discount. If you don’t own a car but sometimes rent, you can get a non-owned auto policy and also get a multi-policy credit..
Let a Gotham pro help you find the best policy at the right price. Gotham Brokerage, a family-run business in New York City for more than 50 years, can match you up with the right agent. For more information, give us a call at 212-406-7300 or fill out the form at right.