Understanding Manhattan Condo or Coop Insurance

May 30, 2012 - PRLog -- Getting a handle on Manhattan real estate is always tricky, which means buying Manhattan condo, co-op and apartment insurance can be, too. On the big island, real estate prices and amenities vary from neighborhood to neighborhood, and they fluctuate like currents in the Hudson.

But people who want to move from Queens or Brooklyn to the island — or move from one Manhattan neighborhood to another — should look carefully at neighborhoods’ housing stock, crime rate, school quality and other factors before moving. Those indicators can affect the kind of apartment, co-op or condo insurance you purchase for your new Manhattan home.

New York Magazine has some great resources on neighborhoods all around the city; the magazine has a Livability Calculator that can help people decide what they want in a neighborhood, and this guide (by Nate Silver of FiveThirtyEight.com fame; he’s good with statistics) breaks down neighborhoods’ pros and cons and ranks them according to his own formula. The formula factors in affordability, access to transit, shopping, safety and other “quality of life” measures.

Three Manhattan neighborhoods are in Silver’s top 10: At No. 2, the Lower East Side, where a two-bedroom apartment rents for the relatively low price of $2,300 per month; at No. 8, Murray Hill in Midtown (basically, the several square blocks around the Midtown Tunnel’s west end), another relatively affordable area; and at No. 10, the East Village, pricier but dripping with color, restaurants, nightlife and shopping. Of course, livability, as always, is in the eye of the renter or buyer.

While renters and buyers should consult their insurers for advice on Manhattan condo insurance and Manhattan apartment insurance, a few general rules apply across the board.

People renting an apartment in Manhattan should take out a renters insurance policy to cover their clothes, furniture and other belongs; don’t make the mistake of thinking the building master policy will cover any of your losses in the event of fire or flood. The same applies to anyone who needs condo insurance in Manhattan – check with the condo association to see what the master policy covers and acquire a homeowners insurance policy to protect valuables.

As always, people who have questions or need some advice can always call or e-mail Gotham Brokerage, Inc., a company that’s written and brokered insurance policies in the five boroughs and the Tri-State area for more than 50 years. We can help with any insurance questions you may have if you’re getting ready to move.