Home Insurance Forum

I own a co-op apartment in New York City and want to determine how much insurance I should buy for it. The co-op has its own insurance policy for all common areas and I am responsible for anything inside my apartment. Is there a simple rule of thumb that specifies what percentage of the property value is enough to cover the basic structure (excluding personal property)?

Mario, New York

Dear Mario,

The first and most important step is to understand what the co-op will cover. Once you get that nailed down, you can move on to getting a policy to cover everything that is your responsibility.

At that point, you'll need to make an assessment about the value of your personal possessions that you're protecting. You'll need to calcuate their replacement cost value. Combine that with which part of the building you'll need to cover, and you can get an idea of how much coverage you'll need. An agent can guide you in this process.

Back to the Forum

Disclaimer: We are journalists, not financial planners or insurance brokers. Nothing we say should be interpreted as a recommendation to buy or sell any insurance product, or to provide other financial or legal advice.