3 Reasons To Protect Your Home With Insurance In NYC

What is Insurance?

Life is full of surprises – sometimes, not good ones. For so many Americans living in apartments, co-ops, or condos, insurance is a proven and reliable way to protect your home in case of an unexpected event. There may be no way to prevent theft, vandalism, or wind/smoke/fire damage, but there is a way to protect the value of your beloved personal property should disaster strike.

Apartment insurance and co-op and condo insurance can greatly vary based on the level of coverage. Generally speaking, insurance covers the things you own, like computers, furniture, clothing, electronics, jewelry, artwork, and much more. The types of damage covered can also range from fire, smoke, and wind damage, as well as theft and vandalism. Whereas homeowners and landlords are covered by different insurance programs, apartment insurance and co-op and condo insurance remains one of the only ways for people who rent or own a co-op or condo to be covered for their items in case of emergencies.

“One common mistake you might make is underestimating how much you actually own. Or you might think you don’t own anything of significant value. But chances are you have a fair amount of key belongings that you can’t live without and can cost a lot to replace,” according to a report in Forbes magazine. “Insurance is a good way to get coverage for all your personal belongings. It pays to repair or replace your damaged items and covers a wide range of problems, like theft, fires, smoke, vandalism, accidental overflow of water and explosions.”

man signing document protect your home

Do I Need Condo or Co-Op Insurance?

Americans pay for insurance for auto, life, and health care, just to name a few, so why would you not get all the items and belongings you own protected, too? That’s where co-op and condo insurance steps in. For people who own a condo or co-op, there’s no one-size-fits-all plan to protect your most beloved personal belongings. Instead, taking the time to research what plan is right for you is the best path forward in making sure you are protected in case of an emergency.

After you’ve taken the success step in buying a condo or into a co-op, you need to start thinking about protecting your new home in all kinds of ways. Typically, your building will have a master insurance property. But what happens in the case of fire/wind/smoke damage? Or if someone breaks in and steals all your expensive belongings? Co-op and condo insurance gives you the peace of mind that in case of any insured event, you will be able to replace all your household goods.

Do I Need Apartment Insurance?

Even though there’s no legal requirement to have insurance for your apartment, millions of renters voluntarily elect for coverage as a low-cost way to recover the cost and value of their belongings should an unexpected event result in loss of personal property.

Indeed, apartment insurance has proven to be a way to recover financially when the unexpected happens. What’s more, apartment insurance is incredibly affordable, and getting a quote is easier than ever with Gotham Brokerage, your neighborhood intermediary between you and insurers, working to get you the best insurance with the best insurer for your home!

Why You Need Insurance

Imagine if everything you owned in your home was suddenly gone. Would you be able, financially, to replace everything? Just take a look around – the laptop, the TV, the stereo system, your clothes and jewelry, artwork on the wall, furniture – the list goes on, and adds up quickly. One good exercise is just to walk around your space and start taking an inventory. Most likely, you’ll start to realize just how many things you own, and just how difficult it would be to replace everything without any financial assistance.

Insurance for your apartment, co-op, or condo is truly the only way to make sure you’re covered and able to recover in case of loss. What makes insurance a great option is the fact that you can select from a multitude of plans that best fit your needs. Replacement cost plans, for example, will pay for a new, similar item that’s damaged or destroyed, while actual cash value plans will reimburse you the cost.

Diving even deeper, some insurance plans offer liability insurance, which covers property damage and insurance you cause to others (should, for example, someone get injured at your home). It can also help pay for temporary housing should you be displaced after an emergency, such as a fire or damage, as well as living expenses until you’ve fully recovered. 

It’s Affordable

Insurance for apartments, co-ops, and condos aren’t like auto or home insurance, and typically costs a fraction of what people expect. In fact, Gotham Brokerage’s average annual policies start at $125 for basic renters insurance policy. This includes fire/wind damage, theft, limited water damage, personal liability, damage to property of others, living expenses while impacted from a damage event, accidental fire damage, as well as credit card/check forgery.

That’s a drop in the bucket when you consider a laptop alone can run thousands of dollars!

Getting a Quote is Easy!

Disasters can strike literally, at any time, so it’s important to get insured now. At Gotham, we’ve made getting a quote easy, quick and convenient, with our agents ready to help with your every need and answer any questions. Our agents each have more than 20 years of experience in the insurance agency and are the experts at providing personalized service and customized insurance solutions. That’s why with more than 50 years of experience, Gotham has become NYC’s #1 insurance brokerage. 

Get a Quote Today!

Peace of mind has never been more affordable. If you are unprotected, now is the time to invest in apartment, co-op, or condo insurance and protect your home. Get in touch with Gotham Brokerage today to explore insurance options that work for you. To learn more, fill out a form to get a quote here!

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