Vacant Apartment Insurance New York

What you don't hear about very often is how hard the real estate market is hitting New York City and vacant apartments are on the rise. With the housing crisis, you generally here about San Jose, Miami, or Detroit where some homes are down 40%. However, New York City has a major problem as well.

What most people call a condo, many in New York own "apartments." However, these homeowners have the same issues as the rest of the country when it comes to vacant home insurance. Vacant apartment insurance, a product carried by vacant home insurance now (.com), is absolutely necessary for any New York apartment that is empty or unoccupied for over 60 to 90 days. With some insurers, vacant apartment insurance may be necessary after just 30 days.

When we speak to clients in New York that, after understanding what they needed to do, put vacant apartment insurance on the owned property, here were the biggest misconceptions:

1. Vacant apartment insurance was unnecessary if anyone went by the property to check on it every few days (false).
2. Vacant apartment insurance is not needed if you go and stay in the property a few times a month (false).
3. You may not need vacant property insurance if the New York apartment is fully furnished and is being shown by a realtor. (false).

When we say (false above) we are saying this is generally true in most situations with most insurance companies. No "regular home insurer" in New York offers a vacant apartment insurance product so going to a specialty market like Lloyd's of London is necessary.