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Home Insurance in New York : Real Estate Advice

  • All639
  • Local Info71
  • Home Buying346
  • Home Selling51
  • Market Conditions15

Activity 42
Fri Jan 21, 2011
Mitchell Hall answered:
The coop has a master policy. It may or may not cover individual units and /or damages that unit causes in other units. It depends on the cause of the backed up toilet.

Is it the coop's plumbing that caused the backed toilet or did the share holder flush something down the toilet. Most coops recommend or require the share holder to have home owner's insurance for this reason. Home owner's insurance will cover it. Coop's master insurance probably not. They may fix the plumbing but they probably will not pay for the damages in the unit below.

Contact the super, building manager or managing agent to find out.
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Fri Jan 14, 2011
Mitchell Feldman answered:
Dear Xxxx:

The appraised value is an estimate of how much a buyer would be willing to pay for the house in todays market. This is different than the replacement value which is how much it would cost to rebuild the if it were destroyed (like in a fire).

You may already know all this. Here in many parts of Brooklyn, especially in Park Slope, the market value is much higher than the actual replacement value because of the high demand for homes in the area. This holds true even in a down market.

Most people would be safe. With a $675000 replacement value estimate, in the end it also depends on how expensive your tastes are ! :)

Mitchell Feldman
Madison Estates & Properties, Inc.
(718) 645-1665/ (917) 805-0783
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Tue Dec 21, 2010
Dallas Texas answered:
No property address is listed best have your Buyers Agent contact the listing agent direct

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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Fri Sep 10, 2010
Anna M Brocco answered:
Is there a super in the building, if so contact him/her and see if the source of the leak can be located--if not, ask a board member for the procedure
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Fri Jun 25, 2010
Deborah Madey answered:
As a Realtor, I have personally used and sold to my clients AHS. While we have encountered a few hiccups along the way, issues were resolved. I have seen many claims successfully paid without even the slightest hiccup with AHS. ... more
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Tue Jun 8, 2010
Kent Gagon answered:
Home owners insurance cost depends on many things you should contact your local insurance agent to get a quote if you have a home in mind they may be able to give you a quick quote.
Good luck
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Tue Sep 21, 2010
Anna M Brocco answered:
Since no local answers yet--any agent can help you--conatact any realty office(s) and inquire or contact any local Trulia contributor(s) directly and ask.
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Thu Apr 22, 2010
Anna M Brocco answered:
For an accurate answer, you need to contact a few insurance agencies and get some quotes--then choose the package that best suits your needs.
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Wed Apr 6, 2011
Dan Chase answered:
Home owners insurance does NOT cover flooding. You need FLOOD insurance for that.

Check with your insurance agent, but I will give you a 99% guarantee that flooding (unless something like a broken pipe) is not covered.

I would pull out the carpet and dry things out.

p.s. questions like this one are why I will NEVER buy a house in a 500 year flood zone.
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Sat Apr 3, 2010
Anna M Brocco answered:
Any local agent can help you with any information needed, showings, etc.--call any realty office(s) and inquire or contact any local Trulia contributor(s) directly and ask.
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Wed Feb 10, 2010
Nick Rafello, V.P. answered:
The building has it's own insurance to cover the building, not your apartment per se'. You need insurance to protect you.
0 votes 12 answers Share Flag
Fri Jan 22, 2010
Jerry Lorenz answered:

There are so many different variable in insurance I would just call a few different insurance agency’s and get quotes. Or just Google insurance quotes online.

Jerry A. Lorenz
Russell Realtors
Cell: 440 724 4402
Check Out My Real Estate Blog:
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Mon Feb 25, 2013
Anna M Brocco answered:
Contact a few insurance companies, compare their products and choose the one that suits your needs best.
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Wed Nov 11, 2009
Donald Stevens answered:
It depends on the company. Most companies want some form of inspection and that is usually the hold up. If the agent is nearby they will try to inspect the property quickly to get the policy issued. Getting a policy issued can take an hour or a week, depends on the agent and the company.

Here are some things to consider:
A policy has to be quoted, accepted, and then bound or issued. Give yourself time for that and ask the agent how long these steps will take.
Some companies need money to bind and some will bill you or get their payment from closing.
Some agents cannot bind the policy and everything has to be sent to the company underwriters to bind.
Most policies require money or the promise of money, inspection of exterior, and a signed application.

This list is not conclusion but does provide some idea of the process. It is always better to start researching as early as possible so you are not put in a position where you are ready to close on your home and the insurance is holding up the finalization of your home purchase.

The Home Insurance Specialists
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Fri Dec 18, 2015
Laura Cash answered:
The best way to find out is get quotes from multiple insurance companies. Get some free quotes by contacting Coastal Insurance Solutions for Bronx Home Insurance. It's simple, and fast. ... more
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Fri Sep 18, 2009
Thomas McGiveron answered:
Fri Aug 21, 2009
Herman answered:
Well, obviously I don't know any details of your home, but look into Pure Insurance, they specialize in coastal homes so they would have strong flood and wind coverage. They write policies in New York. ... more
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Wed Jun 10, 2009
Lukasz Wojtuszkiewicz answered:
They are building/complex specific and vary greatly by what's included, etc. The state has nothing to do with HOA. If you have a particular building in mind you should check with an agent what they are for that particular property. ... more
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Sun Jun 28, 2009
Liz Stevens answered:
the insurer will insure the structure and even furniture and personal items inside the house, but not the land. the thinking is that the land will survive any fire or flood (this one is debatable). So the usual value is gained either by an appraisal by a lending institution at the time of sale, or refinance or if someone just wanted to know the institutional value of their property. Once the appraised amount is known, usually insurers will insure 2/3 of that amount - they value the land as 1/3 of the total value. Hope that makes sense. Liz ... more
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