Brownstone BUILDING insurance

Hi,

I hope somebody can help with this. We are relatively new owners in our building (3 family brownstone – condo) and looking over the condo association bank statements it looks like we are shelling out roughly $5500 a year on our building insurance policy. I know this can probably vary, but does that sound like too much? The previous owner was the condo association president (it is a self managed building) and I wondered if it is worth pursuing a different insurance policy?

Any feedback much appreciated.

Thanks.

kissiffer4

in Insurance 12 years and 9 months ago

5

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slopegirl | 12 years and 9 months ago

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who is the insurer? A lot of people on this forum pay premium price for Chubb (I think it’s Chubb) because they actually pay claims. If it’s $5500/year for Chubb, that might be what it’s worth.

We use brownstone agency which is probably cheaper than what you are paying by a few grand. They are in south street seaport area. I’ve heard some say here on this forum not so easy to get claims paid. I forget who underwrites Brownstone, but it might be Empire.

Just keep in mind that you are comparing insurance underwriters, not just premium prices. Many people say there are real differences if you need to make a claim. Again, check the archives, but my memory is that this forum a lot of people really liked Chubb.

donatella | 12 years and 9 months ago

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Oh I didn’t mention that my building is an owner occupied 3 family too.  Mine is half that.

donatella | 12 years and 9 months ago

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This is what you do.  Call Jeff Schneiderman of Gotham Brokerage.  Here’s the link:
http://gothambrokerage.com/  

I have Travelers for my building, but Jeff or one of the people who work for him can explain
with great detail the pros and cons of every possible kinds of insurance for your building.
It sounds to me like you are paying too much.  Mine is half that.  I have Slomins which
qualified me for a cheaper policy.  Also I highly recommend this brokerage company.  I got
another broker recommended to me by the lawyer who closed on my building for me.  Travelers
is fine but I had endless problems with the brokerage company (Dennis Miller in Long Island) which
was irresponsibe and made countless mistakes from pure laziness and slipshod business practices.
I changed to Gotham and they are fantastic.   If anyone can go over the policy and the coverage
knowledgeably and quickly (it is amazing, these guys are encyclopedias) it is Jeff and his people.
Give him a call.

liz2 | 12 years and 9 months ago

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This may be a double post, apologies if so. My building is a 4-unit brownstone condo. Our insurance is just under $3000  a year. Check your coverage, probably too high. Check your deductible, probably too low. Adjust according to what you want to pay.

Augustiner | 12 years and 9 months ago

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I doesn’t hurt to get some offers from an insurance broker, the figure seems high for a fully occupied owner inhabited 3 family building. My guess is that this might be worth looking into.