Co-op apartment home insurance recommendations and rates in NYC

[jared]

Thank you for the update team.

I actually have one more question: The co-op board said that I need to get homeowners insurance before starting any of my renovation work. I guess this didn't come up before since the bank was fine accepting the master building insurance policy. Do you guys have any recommendations for insurance policies for co-ops? I have a quote from All-State for around $450 annually, and was going to get a couple other quotes. Just wanted to see if this sounds about right for a one bedroom co-op.

Thank you,
Jared

[aslan]

State Farm is another cheap option, I've worked with them before and they're usually fairly competitive on co-op apartment home insurance rates / premiums. Alternatively, if you want high end coverage, you could check out Chubb. They're fairly active in NYC, especially with luxury homes. Rates with Chubb I've heard are higher, but they will cover fully anything bad that happens, no questions asked sort of thing. So it's up to you!

Oh, and $450 a year doesn't sound bad at all, depending of course on the size of your apartment. I've seen lots of quotes for 1 bedrooms in Manhattan that are $1,000 to $1,500 in insurance premiums due per year. For bigger apartments like a 2 or 3 bed apartment in NYC, you could be looking at almost $2,000 or more per year.