Blog and News
Looking for Brooklyn condo insurance?
Gotham Brokerage can help and also offers Brooklyn renters insurance
For at least the last two decades, Brooklyn has attracted young people looking for more affordable condos and apartments than they’d find in Manhattan. Demand has boomed for this borough since the recession hit three years ago and insurance for residents and their property in Brooklyn condos, coops and apartments no less important in Prospect Heights than it is on the Upper West Side.
Basically, the same rules apply. Someone renting an apartment should take out a renters insurance policy in Brooklyn to cover clothes, electronics and furniture; don’t make the mistake of thinking the building master policy will cover any of your losses in the event of fire or flood. Same for someone who’s bought a condo — check with the condo association to see what the master policy covers and acquire a homeowners insurance policy to protect valuables.
It’s not too hard to see why people, especially young professionals, flock to Brooklyn for apartments and condos — the quality of life in many neighborhoods matches the borough’s more popular Manhattan counterparts, and lower real estate prices offset added commute times for people who work in Manhattan. A quick look at monthly rent for two-bedroom apartments in different Manhattan and Brooklyn neighborhoods tells the story: $8,000 in SoHo, $5,650 in Greenwich Village; $3,250 in Williamsburg, $1,900 in Prospect Heights. Monthly insurance premiums would depend on a number of factors, but people living in the outer boroughs tend to pay less.
With cutting costs in mind, some folks are moving from a Manhattan apartment to a Brooklyn apartment or condo. Renters insurance can be transferred to a new location, and coverage is usually automatic for 30 days at both the old and new spots. Anyone who plans to move more than 30 days after the effective date of a new lease might need to buy a new policy — but in that case the old policy can be cancelled on a no-penalty basis.
About cancellations: Homeowners and renters should not assume insurers will cancel their policies automatically on non-receipt of premium. Any cancellations should be requested in writing, with explicit instructions on date of cancellation and a request for confirmation from the insurer.
As always, people who have questions or need some advice can always call or e-mail Gotham Brokerage, Co., Inc., a company that’s written and brokered insurance policies in the five boroughs and the Tri-State area for more than 50 years. We can help with any questions about Brooklyn condo and apartment insurance and advise you if you’re getting ready to move anywhere in the region.