Property Insurance for Apartment Buildings: A Brooklyn Owner's Guide

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

Brooklyn’s unique architectural heritage presents specific challenges to landlords. Traditional homeowners insurance simply doesn’t cut it for apartment building and multi-family brownstone owners. Your premium will depend on several Brooklyn-specific factors:

• Building age: Pre-1900s brownstones typically require specialized coverage for outdated electrical systems, original woodwork, and period-specific materials.
• Location: It’s always about location, location, location. If you’re in Dumbo, for example, there’s a higher flood risk. If you’re in Bushwick, industrial conversion considerations come into play.
• Prewar plumbing: This requires different coverage due to lead pipe risks, cast iron pipe breakdown, and steam heating system issues. Prewar plumbing also brings a higher risk of water damage claims.

• Subway vibrations: We all love the MTA, but subway vibrations can cause foundation cracks and structural stress that can lead to costly repairs and tenant evacuation.
• Wear and tear on architectural elements: Simply put, historic features deteriorate faster than modern materials, not to mention they demand special restoration requirements and can have Landmarks compliance issues. Brownstone facade repair can cost $100,000 and up and requires specialized contractors. Ouch.
• Shared wall issues: Adjacent construction is the rule, not the exception in Brooklyn. It can damage party walls, cause cracks, and affect structural integrity. The complex liability issues between building owners can be more than a headache — without the proper coverage.

Exclusive Brooklyn benefit: Lock in your rate

Fortunately, Brooklyn landlords have a pricing option offered by Brownstone Agency and no one else: lock in your current rate with Brownstone Agency until 2028. Think about the advantage of a three-year prepaid option: While other building owners face rising premiums, you maintain today’s rates for three years.

Don’t wait for a winter pipe burst or a vibrating L train to discover gaps in your coverage. As Brooklyn property values continue to rise, ensuring proper protection for your investment becomes more critical than ever.

Ready to secure your Brooklyn property’s future? Contact Brownstone Agency to learn more about locking in your rate until 2028.