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1. What does your building or landlord’s master insurance policy cover? It might not be anything more than the bare walls in your building’s common areas.
2. Will subletting your apartment void your policy? The recent debate over the legality of Airbnb has brought this question to the forefront. You might be able to add coverage for long-term sublets, but short-term sublets like Airbnb will void your policy.
3. Does your policy cover your roommate? If you live with a roommate who is not your spouse or domestic partner and you want her to be covered by your policy, you might have to add her name to your policy.
4. How do you actually make a claim? Just as you wouldn’t expect to win a lawsuit without evidence, you shouldn’t expect to make an insurance claim without documentation. So, definitely don’t throw away damaged property before an adjuster has had a look–especially if there has been a flood or fire.
5. What happens if a worker damages your stuff, or worse, gets hurt during repairs or renovations? In New York City contractors are required to have liability, workmen’s comp, and disability insurance. Make sure they have these before you start the project–and check in with one of Gotham’s insurance professionals if you have questions.
You can request a free insurance quote from Gotham Brokerage Co. In Brooklyn, renter’s insurance rates start at around $145 per year, and condo and co-op insurance start at around $260. Gotham’s website is a great resource for all your apartment insurance questions–they are, after all, the experts. Articles like How to Make Sure Your NYC Apartment Insurance Claims Won’t Be Denied will help you get the most out of your policy. Email firstname.lastname@example.org or call (212) 406-7300 to learn more about the best coverage for your apartment.