Rising Insurance Rates? Your Brownstone Doesn't Have to Take the Hit

Sponsored By Brownstone Agency, Inc.

The Brownstone Agency, Inc. has been providing quality and affordable insurance coverage for brownstone, townhouse, and multi-family owners, and condo and co-op boards since 1973.

Created By Brownstoner

Property insurance rates keep climbing, leaving Brooklyn brownstone owners with a tough challenge: how to protect their buildings without breaking the bank. With rates expected to keep rising, owners are looking for ways to keep their insurance costs steady.

That’s why more owners are turning to Brownstone Agency‘s three-year prepaid insurance plan, which locks in today’s rates. By paying up front, you know exactly what you’ll spend on insurance for the next three years – no surprises, no jumps in cost.

But steady rates are just part of what keeps your building protected. Many owners mix up two key types of coverage: Additional Living Expense coverage and Loss of Rent coverage. Here’s what you need to know: Additional Living Expense covers only the building owner, not renters. If you rent out units, you need Loss of Rent coverage.

Think about this: A tenant’s toaster starts a fire that damages several units. If they don’t have renter’s insurance, your policy takes the hit – and your future rates could soar. But if your tenant has insurance, their policy helps cover the damage, keeping your insurance history clean and your rates steady.

To protect your building:

• Lock in your rates with a three-year prepaid plan
• Make sure your lease requires renters insurance
• Check insurance proof before letting tenants move in
• Set clear rules about how much coverage tenants need
• Spell out in the lease who pays for damage

While New York doesn’t force tenants to get insurance, making it a must in your lease is smart business. When you pair this with locked-in insurance rates, you’re setting up strong shields for your property’s future.

Think ahead: The best time to lock in your rates is now, before they climb higher. Taking steps today helps protect your brownstone – and your wallet – for years to come.

So reach out to Brownstone Agency today.