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Return to:
New York Guide, Homeowner's
Insurance
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New York
Renters Insurance and Homeowners Insurance are policies
are designed to indemnify (cover your loss) in the event of a loss to your personal property and protect you in the
event you are responsible for bodily injury or property damage to
others. For homeowners insurance, your policy protects your
greatest asset - your home
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If
you purchase a condo, co-op or any home, the bank requires insurance to protect
their
investment in your home. That is, to protect their mortgage. You may, however, need more insurance to
cover your personal items, liability or fees that may be charged
to you regarding shared areas of the building like the lobby.
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For a CO-OP or CONDO OWNERS: You will need two separate policies to protect your investment:
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Your
own insurance policy.
This provides coverage for your personal possessions,
structural improvements to your apartment and additional
living expenses if you are the victim of fire, theft or other
disaster listed in your policy. You also get liability
protection.
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A
"master policy" provided by the condo/co-op board.
This covers the common areas you share with others in your
building like the roof, basement, elevator, boiler and
walkways for both liability and physical damage.
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Find
out more with our easy service. Enter your zip and GO.
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New York
Renters
You
might think you don't need Renter's
Insurance
if you rent. We recommend it. Add up the cost of your personal
property and other items you own around you. Can you afford to replace everything
in the event of a fire or burglary?
New York Renter's
Insurance
is relatively inexpensive. The average cost of renter's insurance
in New York is approximately $15 a month for around $30,000 worth of property
coverage and $100,000 worth of liability coverage. |
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Rates
vary depending on coverage and your location in New York, your
building and the amount you
want to cover.
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