How to Get Condo Insurance in NYC
Choosing New York City condo insurance does not have to be a painful task. However, you should find the right coverage, not the cheapest.
Consider these steps when deciding how much condo insurance you need.
Step 1: Review the Master Condo Policy
First, review what your community’s master condo policy includes. Look for gaps in coverage and find out if it’s a bare walls, single entity, or all-in policy.
Make sure your dwelling coverage is enough to pay to rebuild or repair your condo if it’s destroyed. Depending on the level of protection, you may need to increase coverages on your condo insurance.
Step 2: Add Up the Value of Your Belongings
How much “stuff” you own is a significant factor in looking for a condo insurance policy. The value of your belongings can determine the level of personal property insurance you need.
For instance, you’ll need a higher amount of protection if you have considerable assets located in the condo.
Don’t forget to consider the policy type when choosing your coverage. The two most common are actual cash value (ACV) and replacement cost insurance.
Some policies offer ACV as the default option for losses. With ACV, you would receive compensation for the value of the item at the time of loss, minus depreciation.
Typically, actual cash value payments are significantly less than what you paid for the item or what it would cost for you to replace it with a brand-new version.
Alternatively, you can opt for replacement cost coverage for your personal items. For example, suppose your five-year-old television was worth $200 when a fire destroyed it. But a similar television would cost $700 according to current market prices.
In this instance, ACV might pay only $200. But replacement cost insurance could reimburse you $700—the full value of the television, so you won’t have to pay out of pocket to replace the item.
Hopefully, you never have to worry about filing a claim. But if the worst should happen, you don’t want to fork over cash from your own pocket to replace your items.
Step 3: Consider Your Total Assets
Your condo insurance includes personal liability coverage. It can cover medical payments and lawsuits if someone injures themselves in your home. But what you may not realize is that there is a cap on how much the insurance company will pay.
If someone sues you for more than your policy limit, your personal assets—cash, bank accounts, retirement savings, vehicles, real estate, and more—could be in jeopardy.
Most condo insurance policies include minimal protection. If you have significant assets you want to protect against litigation, buy a higher amount of liability insurance.
You can also consider a separate umbrella policy to increase your coverage even more.
Step 4: Shop Around to Compare Condo Insurance Quotes
Finding the best condo insurance policy isn’t rocket science. But there are a few things you should know before getting an insurance quote.
First, every insurer ‘s price for condo insurance will vary. Some will cost more than others, even for identical coverage.
Policy personalization can also vary between insurers. For example, some may offer more options and higher policy limits than others.
Make sure that the company you choose fits your insurance needs appropriately.
And finally, keep in mind that expensive insurance does not mean it’s better.
You can find affordable New York City condo insurance in seconds using an insurance marketplace like Insurify.
Insurify gathers quotes from dozens of insurers so you can compare policies side by side to find the best one for you. It’s fast and convenient, so you won’t waste an entire day wading through insurance policies.
Step 5: Review Your Condo Insurance Policy Yearly
It is a good idea to review your policy each year, not just when you move.
Maybe you forgot to insure the grand piano you bought last year, or construction and labor prices have gone up. Either way, you may need to increase your coverage limits.
Make a note of your personal property, and be sure it still aligns with the level of coverage you bought.
Likewise, if your net worth increased significantly since purchasing the policy, higher personal and medical liability insurance may be wise.