Recently, I had an opportunity to help a client out by insuring his home and a landmarked building he owned in Brooklyn New York. This particular area has seen property values triple in the last few years. This building is a beautiful 4500 square foot building built in 1931. The building was insured for $430,000 by a popular carrier. It was grossly under-insured. The agent was negligent by not reviewing his policy in 5 years.
His 3,500 square foot home near the water was insured for $400,000 and both premiums were near 4,000 per year. After review, we were able to increase his coverage to include replacement cost and lower his hurricane deductible to 2% from 5%. We saved him $2,000 for the year on both policies. I believe that $90-$100 per square foot in Brooklyn can not build you a home by any GC in the area. Don’t wait until its too late. Review your coverage. If you don’t understand what you are looking at or reading, please feel free to call us and we will review your policies at no cost.