Forum: Insurance
July 20, 2007
Flood Insurance
this may be a really dumb question, but does a brownstone homeowner need flood insurance in Park Slope? I can't imagine why, but thought I'd check.
(Clearly, I'm a new homeowner!)
Thx for any insight.
June 19, 2007
Condo Insurance Dwelling Coverage
I'm in a condo and I'm trying to figure out how much coverage I should get for the apt in case it would need to be rebuilt in the event of a disaster. The building has it's own insurance obviously. Most agencies are giving a base of around $35,000. I'm in newly gut renovated 1100+ sq ft apt with 2 bath and 1 br + office. My mother says a house in NJ is about $100-$150 to rebuild per sq ft, but can that formula apply to a condo when the outside is not my responsibility? Thanks in advance
June 8, 2007
Home Owner's Insurance for SRO
I am purchasing an SRO that I will be gut rehabbing - there is no C of O. Do you know which insurance companies write policies on properties like this?
May 1, 2007
insurance replacement cost
One of the main questions in trying to get insurance bids is the replacement cost of your home. What number do you use? They say it's not the same as value of your home or what you paid for it, but how do you figure out what it would cost to rebuild?
I am a bit baffled because it seems to me that it would cost almost as much as it cost to buy (a bit over a million), or at least half a million, but one insurance company (local) came up with a 350K figure. I don't want to insure for more than is reasonable - I am sure their figure would make the amount I pay lower. Please help me understand this peculiarity!
Thanks!
April 30, 2007
what insurance company do you use?
We need to get a few bids for insurance on the house we are in the process of buying and so far only State Farm has come through. We had insured our condo with Travelers for the past 3 years but they are no longer taking on new policies in our area (Park Slope). A group called Homesite won't insure buildings older than 100 years. Allstate's website tells me they can't give me a quote but I haven't called yet - a bit of poking around found an article about the possibility that they were calling our area a flood risk.
What companies have you *recently* used for insurance on a brownstone/row house?
Thanks!
April 13, 2007
Seeking info on Insurance Broker: Mackoul & Associates
My building is looking to engage a Real Estate Insurance Broker. Does anyone have experience with Mackoul & Associates? Good or bad comments welcome; many thanks!
April 7, 2007
Anyone else's home insurance not being renewed?
So I got a letter from Allstate today, indicating that they will not renew my home owner's insurance when it comes up for renewal this June. Hurricane fears.
So, where to turn? Anyone else's policy not being renewed?
I live in the South Slope right of 7th ave in the low teens.
WTF? Are we expecting hurricanes to destroy our neighborhood a la New Orleans any time soon?
March 19, 2007
Chubb Homeowner's Insurance Agents
I currently have a Chubb city home masterpiece policy for my limestone in Brooklyn. It is pricey but the coverage is excellent. A couple of issues: in the interest of lowering my coverage I've asked my agent to look at areas where we can cut down. They say there are none. Chubb is not helpful since they do not deal with the cost of the policy; it is handled by the agent.
THe appraised value for rebuilding is higher than the market value of the house; which I think is odd. Also I wonder are the insurance agents setting the price of these policies or is it the isurance company? Another Chubb agent has offered to look at it and re-appraise it.
March 13, 2007
CHUBB or TRAVELLERS?
Hello all!
I am in the process of closing on a 3-family brownstone in Bed-Stuy. I am very excited, but have to be careful about budgeting (after I close I will only have @$70K remaining and some of that -- like $35,000 -- needs to go to touch up some of the rentals). I have done the lleg work in terms of insurance coverage and pricing and am deciding between CHUBB who is offering me insurance @ $5,000 per year, and TRAVELLERS who is offering insurance @ $2,900 per year (both with $2,500 deductable, and are contingent upon a burgler and fire alarm system connected to the police and fire stations). At any rate, CHUBB seems to be the gold standard, offering full replacement with like materials, while TRAVELLERS is a solid company that will probably give me a bit of a headache should I ever need to settle a claim). My question is, on my budget, should I take the safer, more expensive route and go with CHUBB, or should I take on a little more risk, hope nothing goes wrong, save some money and go with TRAVELLERS? As an alternative, I am considering going with CHUBB for at least the first year until I know my building a little better, and then if/when I get more comfortable, opting for the lower priced TRAVELLERS service.
Everyone on this board is always really helpful with issues like this, so I look forward to your thoughts and hearing about some of your experiences. Thank you!
March 7, 2007
Insurance replacement value
I'm experiencing difficulty in getting a realistic replacement cost value for my brownstone from my insurer, Brownstone Agency. Can anyone say how replacement cost value is determined. Is this usually done by the insurer, by an appraiser, or what.? According to the NYS Insurance Dept. you should be insured at 80% of replacement cost to get full coverage on a loss.
