How Much Homeowner’s Insurance Coverage Should Be Purchased When Buying a Brownstone in New York? 

If you have an interest in purchasing a brownstone in the State of New York, it is advised that you research and purchase homeowner’s insurance for the structure as quickly as possible. The coverage should start on the day that you close on the sale and not on the day that you elect to start renovating the structure.

You may even purchase the insurance on conditional approval. This means you will be able to obtain the proof of insurance before closing, but may back out if the purchase falls through. Continue reading to learn how much coverage you need. 

A Different Entity 

Brownstones are a completely different entity, all the way around. Unlike homes, condos, and co-ops, when you purchase a brownstone, you are completely responsible for it. You hold a responsibility for the entire structure.

If repairs are necessary, they will be much more expensive than other structures. If you need to renovate, you will need a policy to do that.

Plus, most of the brownstones are now under a homeowner’s association and they will have their own guidelines that you will need to adhere to upon completing the purchase. 

Standard Policies and Areas of Concern 

Most standard insurance policies on brownstones throughout the State of New York will cover wind, fire, and theft. In some instances, water damage is covered, too. In other instances, water damage may not be covered.

Given the age of a brownstone and the old pipes that they typically have, many insurance companies may have special requirements, such as cut-off switches for water flow. In addition to this, sump pumps that have backup systems may also be required. 

Hazard and Liability 

If you purchase a brownstone in New York, you will be required to obtain hazard and liability coverage. It is best to choose the maximum that you may obtain with your homeowner’s insurance policy.

When looking into coverage, you will find that this is relatively inexpensive; however, it is necessary to ensure complete coverage. 

What Will it Cost? 

In general terms, brownstones are much more expensive to repair, renovate, and maintain than traditional home types. You should expect to pay as much as 50% more than you would on a standard homeowner’s insurance policy.

In addition to the above, remember to obtain flood insurance. This is a different standalone policy that is absolutely essential. 

Contact Us 

While brownstone insurance is a bit more expensive than that of traditional homeowner’s insurance, the good news is, it is possible to get great rates.

We here at Modica Associates will work closely with you to determine what types of coverage you need for your brownstone home. We will then research offerings to ensure that you get the best rates. 

We established our company in the year of 1961. We do not specialize in commodities, we offer a service.

We are capable of offering the most competitively priced policies because of our partnership with numerous nationwide companies. For more information, you may contact us now by calling: 718-855-1836

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