How much insurance is unnecessary?

Asked by Trulia New York, New York Fri Nov 16, 2012

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Marjorie Dybec’s answer
Marjorie Dyb…, Agent, New York, NY
Sat Feb 2, 2013
A typical coop that I am currently working with requires a minimum of $300,000 in general liability coverage and requires that the coop corporation is named as an "additional insured." Each coop will have varying requirements but I think if you start with this, add enough coverage for the replacement of your own personal belongings, maintain enough flood insurance to satisfy your mortgage bank, and add coverage for any improvements you make to your apartment such as new kitchen cabinets, new floors etc, you should be in good shape. Check your coop's requirements first. Many don't specify but those that do, are firm about it.
0 votes
Joseph Runfo…, Agent, Staten Island, NY
Sun Nov 18, 2012
BEST ANSWER
Insurance needs vary based on the individual's needs, and location. There is no one size fits all answer. Insurance serves the purpose of protecting property owners against perils that are normally beyond their control.
1 vote
Annette Levi…, , New York, NY
Sun Nov 18, 2012
You should always get enough insurance to pay for the replacement of your home and personal belongings. After that, it is unnecessary insurance.
1 vote
dploves2sell…, Agent, Woodbury, NY
Thu Aug 6, 2015
It is important to have insurance for the REPLACEMENT cost of your home and belongings. There are no "cookie cutter" polices since every individual policy is unique. You should consult with a couple of insurance companies and work with the one you feel most comfortable with.
0 votes
Adam Krzesni…, Agent, Jackson Heights, NY
Tue Nov 20, 2012
Everyone has to use their own judgment,
You should be the judge and do your math to see how much would you need in case your home or so would be distroyed, and insure your property for such
0 votes
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