We all know New Year’s resolutions have expiration dates — only 8 percent of them are kept. But if you’ve already got apartment insurance, then that’s a heap of anxieties that have been relieved, right?
Well, maybe not. We thought we’d make your selection of 2018 new year’s resolutions a bit easier:
Resolution #1: Make sure your policy has adequate liability coverage
$100,000 is a typical starter amount for liability coverage. That might cover one of your downstairs neighbor’s Keith Haring paintings that your overflowing tub destroyed. You can easily increase it to $1 million for less than $200 a year. That’ll cover many a Warhol print.
Resolution #2: Opt for the replacement cost instead of actual cash value.
Most policies specify that personal property losses are to be settled at the actual cash value of the item — meaning you’re reimbursed only for the amount of the item minus depreciation. That’s bad, because you can’t buy anything new with a check that’s pegged to the value of something a few years old.
Replacement cost coverage will assure the replacement item is in similar condition to the one you lost. You now have a television of equal value — same size, same quality.
Resolution #3: If you don’t have apartment insurance, then buy apartment insurance!
Quitting bonbons is tough (the most common resolution is “to eat more healthy”), apartment insurance is easy — especially when you can protect all your new holiday electronics and gadgets for a small amount of money. And all that new gear you’re taking on that ski trip this winter? That’ll be covered too.
Gotham Brokerage has been ringing in the new year since the early 1970s. Call for a free quote today.
