Moving Into an NYC Apartment? Insurance May Be Required

Landlords can be picky, and many are requiring renter’s insurance

Gotham Brokerage

The vacancy rate for Manhattan apartments is just 1 percent. (Photo courtesy of Beyond my Ken, via Wikimedia Commons)

August and September are like Christmas for New York City landlords — students and families with children jockey for apartments throughout the city, looking for the best unit they can afford and rushing to sign lease papers.

With vacancy rates for apartments stuck at about 1 percent, landlords can afford to be picky, so don’t be surprised if they hand you a rental agreement with a half-dozen pages worth of addendums — things like:

• You must replace the air conditioning filters.

• You must alert the landlord if you have a conflict with a neighbor.

• You must use the rental only as a residence, not a business.

• You must have renter’s insurance.

That last addendum has become very popular among New York City landlords, who want to guard against accident victims trying to file a claim on the landlord’s insurance and tenants losing so much in a fire or theft, they can’t pay rent.

Gotham Brokerage specializes in helping New Yorkers find insurance quickly. Speed is critical since fierce competition means the best apartments are scooped up quickly. Gotham can often help renters find a policy in as little as 20 minutes, giving them a big head start in the race to sign lease papers.

We work with multiple insurers, too, so we can customize a policy to your needs. Even though New York City rent is sky-high, insurance is still quite affordable — as little as $10 to $20 a month.

We’ve been in business for 50 years, giving us a wealth of experience that helps make us thorough and fast. Our speed and service have earned us an A+ rating from the Better Business Bureau, and glowing reviews online.

To find out how we can help you, give us a call at (212) 406-7300.

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