If Sensitive Plumbing is Ruining my Life, Will My NYC Coop Insurance Cover It?

Not all NYC coop insurance is created equal

Photo by whatleydude / Flickr Creative Commons

A low-flow toilet seems like a great way to be kinder to the environment, but if you install one that overflows or doesn’t shut off properly, it will end up using far more water. And if your running toilet seeps through to the ceiling below your floor, no one is going to be kinder to anyone. If you’re living the city life, your investment (and your neighbors’) can be protected with the right NYC coop insurance policy or condo insurance policy.

The right policy should cover anything within your unit that the building owner’s policy does not cover including your personal possessions. For about $230-275 a year, your condo or coop insurance will protect you from theft, wind damage, fire and other insured losses. Some policies protect you if a thief decides to help himself to the laptop that you left secured in your locked trunk. Some policies also provide identity theft and credit card fraud protection.

To figure out what you should insure, first you need to find out what master policy your association offers so you can buy the right coverage. Some associations maintain a bare-walls policy, which covers all real property from the exterior framing inward but does not cover things like fixtures, floors, cabinets and countertops. Others have more comprehensive policies that cover the structure as well as fixtures. Gotham Brokerage can help answer your questions.

Once you know what type of coverage exists in your building, it’s important to buy your own coverage to make sure you don’t lose money if you suffer a losses from a fire, burglary or overflowing toilet. When considering a coop or condo insurance policy, tally up how much it would cost not only to replace big-ticket items like furniture and electronics but also what it would cost to repair or replace things like flooring, countertops and light fixtures.

To help figure out your insurance needs, contact Gotham Brokerage. We’ve been a family-run business in New York City for more than 50 years and can match you up with the right agent. Give us a call at [telnumlink]212-406-7300[/telnumlink] or fill out the form at right.

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