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Take Advantage of NYC Condo and Co-op Insurance Discounts

Posted on August 23, 2013

Make a dent in your insurance premiums with smoke detectors, good credit and more

Before you splurge on chic new light fixtures, you might want to consider an investment in your safety by installing smoke detectors and a security system in your condo. Both can help lower your NYC condo or co-op insurance premiums, and both could potentially save your life and the lives of everyone else living under your roof.

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Photo by Rob Young / Flickr Creative Commons

For about $230-280 annually, condo and co-op owners can insure most of their personal property, but some classes — like jewelry — require additional coverage. You can’t even buy a cronut for that kind of dough. For less than a dollar a day, you can protect everything in your individual unit from the floor coverings to the wallpaper and all the stuff in between. But if you’re on a budget — and who isn’t — you can take advantage of multiple discounts to help lower your premiums.

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Photo by blprnt_van / Flickr Creative Commons

Many insurers offer discounts if you keep fire extinguishers in your home and install smoke detectors, security systems and deadbolt locks. If you buy multiple policies through the same insurer, such as apartment and automobile insurance, you could qualify for a multi-line discount. Another factor to consider is your credit score. Insurance companies often set prices partially based on your consumer credit score. The higher your score, the lower your premium.

Insurers also take other criteria into consideration when setting the cost of your premiums. If your building has a 24-hour doorman, or if you haven’t made an insurance claim in the last 10 years, you could qualify for more savings.

Raising your deductible will always lower your premium costs. But just be certain you are aware that if you suffer an insured loss, you have to take more money out of pocket to replace what you lost.

A professional at Gotham Brokerage can help you find the best policy at the right price. Gotham will be happy to review your building’s master policy to make sure you buy the best coverage possible, and we can also help find the discounts that apply to you.

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.

Gotham Brokerage Co., Inc. is a family run insurance brokerage serving New Yorkers for over 50 years. We specialize in the insurance needs for those living in the city and provide a full range of insurance products designed specifically for the city.