Insurance cost for 3-family in brooklyn

I just looked at my bill and I’m getting charged $3858 annually. Is that in the ballpark with what others are paying?

I’m using a subsidiary of GEICO – SageSure – OCCIDENTAL FIRE & CASUALTY COMPANY OF NC.

Sounds to be on the high side.

decoart

in General Discussion 2 years and 3 months ago

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ejcarroll | 2 years and 3 months ago

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Thanks

Augustiner | 2 years and 3 months ago

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Paying 5000 for a 1.5 mil replacement value this year. I’m sure 90% or that is profit for the insurance company.

According to my amateur statistic assessment, only 1 in 8,500 homes (1-3 family in NYC) has suffered a total loss in the years prior to 2019 (thanks chatGPT). The insurance is calculated as if 1 in 300 goes up in flames and burns to the ground. Ok there are many nuances I did not account for, but premiums are just obviously too high

ejcarroll | 2 years and 3 months ago

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Have used Brownstone Agency for many years and just received renewal application for my four story brownstone house. It asks for the replacement cost of the building which they put as 750K and which the current policy provides for. I have no idea what the replacement cost for an ordinary four story residential building would be (not replacement of a brownstone with its ornamental details which would be much more costly). 750 K replacement value seems low even for an ordinary building. Seek guidance of what replacement cost would be for ordinary building.

Thanks

decoart | 2 years and 3 months ago

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Thanks guys. It doesn’t sound like my premium is way off the mark.

MDR | 2 years and 3 months ago

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About $7,500 for 3 years here through Brownstone Agency. Only 1 mil replacement value though.

solehappy | 2 years and 3 months ago

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chubb is a lot higher than that for a two family

mozeeatupu | 2 years and 3 months ago

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My 5 family insurance is almost $9K this year.

decoart | 2 years and 3 months ago

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Also which insurance providers are you guys using in Brooklyn?