NYC Apartment Insurance Issue: Dwellers at Greater Burglary Risk

Chances 85% higher than other homes, lack of NYC apartment insurance problem

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Feb 02, 2011, 11:15 ET

NEW YORK, Feb. 2, 2011 /PRNewswire/ -- Apartment living is very NYC but apartment residents are 85 percent more likely to be burglarized than those who live in other types of housing. Manhattan renters face a double whammy -- they're 50 percent more likely to be victims than condo and co-op owners.

"New York City is filled with awesome places to live, but our style of living puts our homes and possessions at risk, and an alarming number of people lack NYC apartment insurance," says Jeffrey Schneider, President and CEO of Gotham Brokerage Co., Inc., a family-owned Manhattan insurance firm.

The National Crime Prevention Council says apartment dwellers are 85 percent more likely to be burglary victims, and NYC thieves are a crafty lot. They broke though a wall of a Greenwich Village apartment last fall and lifted Andy Warhol prints, other art and valuables worth $750,000. Another burglar took electronics and wallets from at least 13 Lower Manhattan apartments after forcing open their front doors when residents were sleeping.

And it took an undercover cop to bust a ring of burglars operating since 2008 on the Upper East Side and Upper West Side. The loot included five televisions, 20 iPods, 72 necklaces, 45 rings, 25 digital cameras, 36 watches, nine Xbox consoles and nine laptops. At least those victims will get their stuff back, eventually.

"What many people don't realize is how little it costs to protect their possessions and their apartments," says Schneider. "A basic renters policy is less than $200 and a condo or co-op insurance policy only slightly higher.

"People easily spend that out on the town in one night," Schneider says.

Renters are not typically covered by their landlord's insurance policy, and the Insurance Information Institute lists both neglecting to buy renters insurance and carrying too little owners coverage among its "five biggest insurance mistakes."

About Gotham Brokerage Co., Inc.

Gotham Brokerage can help whether you are looking for Brooklyn condo insurance, Manhattan co-op insurance or Queens renters insurance. Gotham is a family-owned business serving the boroughs for more than 50 years and rated A+ by the Better Business Bureau. For more information, visit Gotham Brokerage at http://gothambrokerage.com/.