Insurance for a 2-Family
We are in contract for a 2 family four story brick building. We are currently looking into obtaining insurance coverage for the house. What kind of insurance coverage do we need/is recommended? Purchase price is 950k. Coming from a condo, where we only had to cover the inside of our apt we don’t know what…
We are in contract for a 2 family four story brick building. We are currently looking into obtaining insurance coverage for the house. What kind of insurance coverage do we need/is recommended? Purchase price is 950k. Coming from a condo, where we only had to cover the inside of our apt we don’t know what to look out for.
I went through The Heights Group on Montague St. 718-596-1200 for my policy. Always good to have a local agent handling the paperwork.
Thing that confused me – granted a low bar – going from co-op to house was that you can insure for replacement value – which is a LOT less than purchase price. In other words, god-forbid the house burns down. What you’d need to cover is the rebuilding. The land is still there, and the land was a big part of the purchase price.
Bottom line, went with State Farm and insurance hasn’t been that bad.
I recommend that you call
Pinchus
Chein Insurance Agency, Inc.
1609 East 29th Street
Brooklyn, NY 11229
Tel: 718-799-5602
Fax: 646-895-7646
He is the one who helped us when we just went through the very same thing for a similarly sized brownstone. Getting what we needed but excluding what we did not. We found a lot of policies (not catering to NY) indexed the value of our possessiosn to that of the house, and resulted in much higher premiums than what we expected. Pinchus was great in creating a custom package he then bid out, and we had to do no work. His prices were much cheaper than what I had found on my own.
You should have all sorts of liability insurance… since you are sharing your house with renters like me! I’ll sue you faster than I can look at you! Open my mail by “mistake” — $300,000! Boo-yah.
How about any kind of liability insurance?
Make sure you look at your mortgage approval/commitment letter. It will state minimum insurance requirements as condition for closing.
Hello,
It really depends on what the estimated replacement cost of the building would be. Male sure that replacement cost is included in any policy you buy. Keep in mind that part of your purchase price is the land, so you probably will not need $950,000 in building coverage. Feel free to call me for advice or a quote. I am an independent broker.
-William Smoltino
Narrows Insurance Agency, Inc.
(718) 745-1500