Homeowner’s Insurance for Dummies

    by

    Soon to be owner of a two-family brownstone in PS and am going through the process of securing homeowner’s insurance. I’ve read the posts in the forum re: recommendations for contacts – that’s not what I’m interested in. I’m hoping those more educated in these matters can tell me what type of coverage (and associated limits) I should be looking at. Will have a tenant in garden rental.

    Thanks all!

    7 Replies

    1. No insurance is good or bad until you have a claim. Again, make sure you have someone qualified review the coverage forms for potential gaps(do NOT rely on your broker who will likely sell you the coverage that he or she earns the most commission from).

    2. We have what seems like a good rate and good coverage on a brownstone in PS and we got special “Brownstone” insurance (that’s what they called it). The insurance agent also had the same insurance we bought. I think it’s pretty good.

    3. Do not shop by premium. Beware of manuscript forms, insist on standard ISO’s. Like anything else, you get what you pay for.

    4. Thanks JimHill. I’ve call Chuck and indicated that you referred him. Regards, RU165

    5. I know you’re not looking for recommendations, but I would suggest calling an agent to discuss the specifics of your situation. I’ve recommended Chuck Chernick many times before and he’s always been honest and fair, recommending only what is appropriate for the needs of the owner.

      Chuck Chernick
      (212) 697-2147

    6. Can’t help you on the details but one thing I was surprised to find out is that more often than in the past, land lords are requiring their tenants to take out renters insurance with certain coverage provisions. One landlady told me that she receives a $75/mo discount on her umbrella policy b/c of the requirement in her residential lease w/ her downstairs tenant. May be worth asking around about as I know every last $ counts!