Fortunately, getting condo or co-op insurance is a quick process — once you understand your needs so you get the right coverage. Here is a FAQ with five questions and answers to help:
1. How much will it cost?
Basic coverage costs about $27.50/month, but of course the actual price depends on the value of your possessions and your home. Gotham Brokerage can help you gauge this and nobody knows the intricacies of New York City buildings better than they do. Contact them for a free quote.
2. What will my building cover?
Your building’s policy will only cover common areas, the exterior of the building, and the “concrete shell” of your apartment. The rest is on you.
3. Am I covered if I sublet?
Usually, no. You need a different kind of policy or an amendment of your current policy. Contact your broker for info.
4. Does insurance cover my pets?
Some insurers will not cover you if you have certain “bad reputation” dog breeds — pit bulls, German shepherds, etc. Otherwise, if your dog bites someone and you are sued, you will be covered.
5. How do I prove how much my stuff is worth?
Year-end credit card summaries are useful and should be archived. Keep your receipts for high-end purchases. Most of all, store your digital photos online.
When it comes to apartment insurance, one size doesn’t fit all. Different policies and providers have different benefits. That’s the benefit of working with an insurance broker like Gotham. They will customize a plan to your needs.