Brownstone Insurance is Tricky to Obtain Due to the Hidden Costs Associated with the Historical Buildings

Brownstone Insurance Broker Brooklyn

The brownstone buildings throughout Brooklyn, New York are considered to be iconic. They started to emerge throughout the 1830s, when the middle class sought to obtain homes that were classy, reflected their socioeconomic status, and exhibited a high level of durability.

Today, brownstone homes are still considered to be highly sought after due to their aesthetically-pleasing appearance, their historical significance, and the fact that they are considered to be structurally sound, in terms of construction.

Unfortunately, these homes are the most expensive on the market – in more ways than one. Obtaining brownstone insurance may prove to be exceptionally expensive due to the hidden costs that are associated with the historical buildings.

Despite the Beauty, Brownstone is a Less-Than-Favorable Construction Material

One of the reasons why obtaining brownstone insurance is the fact that – despite its overall beauty – brownstone is not considered to be a favorable material for construction. This is due to the fact that it is highly porous. Certain environmental conditions – such as humidity, rain, sleet, ice, and snow – can result in the material becoming highly flaky.

In most instances, professionals must regularly patch or replace the brownstone material. This is extremely costly. If the brownstone has special sculpting or details, the brownstone repair professional will also need to integrate these into the repairs. Insurance companies know that brownstone is not an ideal building material and that repair is expensive; therefore, if it is possible to obtain insurance, it is often costly, too.

The Certificate of Occupancy

When a buyer takes over a brownstone building, they will likely have to obtain a Certificate of Occupancy change. This documents how the building will be used and the specifications of occupancy. In most instances, this is required before the process of renovating a brownstone for future purposes may take place.

As a result, owners will need to obtain special permitting and will need to enlist the assistance of inspectors that are knowledgeable and experienced in brownstone buildings.

Purchasers that neglect to review the information with the Department of Buildings in New York may find unresolved issues from previous owners and complications that may result in challenges when seeking brownstone insurance in Brooklyn, New York.

Rebuilding Costs

The next reason why obtaining brownstone insurance is tricky is because most insurance companies want you to insure the entire building for complete rebuilding. This is due to the fact that the buildings are very old.

On average, rebuilding could run approximately $600 or more, per square foot. Furthermore, the insurance company may require bringing the building up to codes, remodeling certain aspects of the structure, and completely integrating new components to the property. All in all, this results in an immense amount of money being placed towards coverage.

We Make it Easy

We here at Modica Insurance make it super easy to obtain brownstone insurance. We know and understand the challenges that you face and are willing to work with you to get the most competitive prices and coverage on the market today. For more information, simply contact us today at:

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