Homeowners insurance recommendation for historic brownstone

We have Allstate insurance for the current home, auto and umbrella policies in NJ. We plan to buy another home which is a historic brownstone and located in the historic neighborhood of Crown Heights, Brooklyn. Is Allstate insurance a good company to buy homeowners insurance for such a property or do the readers have recommendation for other companies? Any advice/help is greatly appreciated.

hmcghee

in Home Buying 8 years and 7 months ago

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slopefarm | 8 years and 7 months ago

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Our broker is HUB. Our carrier is now ACE; it used to be Fireman’s Fund until FF got bought out. We have full replacement value.

Yes, eileengray said what I meant to say, but better. I will add one gloss. We know people who had a fire cause significant damage. Their policy provided not only for replacement value, but also for rebuilding up to current code. the latter provision proved to be quite valuable.

eileengray | 8 years and 7 months ago

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Oops – JW Allen wrote a Chubb policy.

eileengray | 8 years and 7 months ago

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I used JW Allen Co Inc for a replacement policy. Also not cheap but the experience of two acquaintances who had partial fires and their tales of horror with adjusters (whose main purpose is to pay the least amount), made me realize that all is not equal in the insurance world. I had the option of USAA (a great company – if you or a family member served as an office in the military) but they just do not write policies for urban homes over a certain value.

EJR | 8 years and 7 months ago

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I used http://gothambrokerage.com/ for a replacement value policy with Chubb. It is extremely expensive, but hopefully will keep me fully covered in the event of catastrophic damage.

hmcghee | 8 years and 7 months ago

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Dear @eileengray and @slopefarm, are you okay to share the name of the insurance agency that you currently have or would recommend? Thanks.

eileengray | 8 years and 7 months ago

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There are two types of insurance: replacement value and value less depreciation. With the first you are insured to replace whatever is damaged whereas with the second you get a sum equal to the original value less depreciation. In the case of older homes with historic features, the depreciated value will not cover replacing original plaster, parquet floors and original wood work. Some companies will write for either. Replacement value is more expensive, so as slopefarm notes, your risk needs to be assessed.
RE: Brownstone Agency was great in the 1970’s-80’s. I used them for many years., but when they began jumping around to smaller companies that I hadn’t heard of, I got alarmed and jumped ship.

slopefarm | 8 years and 7 months ago

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Yes, it is worth understanding the different levels of risk you are insuring for. Do you want the policy to produce sufficient funds to re-build like for like? Do you want a provision that covers re-building not only as it was but up to current code? As you cover more contingencies, the cost goes up. The alternative is you don;t quite get the coverage you would need in a total disaster, and you hope you never need it, but you will fall short if you do. One strategy is to have more complete coverage, but take a higher deductible. to lower the premium .

hmcghee | 8 years and 7 months ago

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Thank you. will contact allstate, of course. But I am also wondering if a “restoration” insurance such as the one provided by Chubb is needed since there is good amount of original woodwork in this historic landmark property? it is very expensive!!

BobMarvin | 8 years and 7 months ago

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FWIW I’ve used the Brownstone Agency for 42 years with no problems. My current three year policy is up for renewal next month and I recently received notice that they’re using a different company as of December (Argonaut Insurance Company) but, absent any problem, I won’t switch agencies. Back in 1974 there were many reasons why Brownstone was the ONLY agency practicable for old houses; there are fewer now, but I’ll stay with them.

daveinbedstuy | 8 years and 7 months ago

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Get a quote from Allstate. I’m sure they are just as good as State Farm which I used out of some office on Atlantic east of Utica Ave.