Carrier non-renewals in New York have become more common especially for buildings with older roofs, recent water damage claims, or properties in coastal areas of Long Island and the five boroughs. In most cases it comes down to three things: claims history, deferred maintenance, or the carrier quietly pulling back from your building type or zip code altogether. The problem is most building owners find out 30 to 60 days before expiration with no time to react. We track which carriers are entering and exiting the New York market throughout the year so our clients never get blindsided.

For a typical New York apartment building, annual insurance costs vary significantly depending on the building size, construction type, location, claims history, and the lines of coverage included. A 6-unit wood frame building in Nassau County insuring property and liability might run $8,000 to $15,000 per year. A 30-unit brick building in Queens with
property, liability, and umbrella coverage could run $25,000 to $60,000 or more. The bigger driver of cost is how your account is positioned with underwriters and whether multiple carriers are competing for your business. Most building owners we talk to haven't had their program re-shopped in years — and that's where the overpaying happens.

Standard building property policies do not cover flood
damage it is a completely separate policy. For New York
properties in Nassau and Suffolk County coastal zones it
is not optional. If your building is in a FEMA-designated
Special Flood Hazard Area with a mortgage your lender will
require it. We review your building's flood zone designation
as part of every program we set up.

Directors and Officers insurance protects individual board
members from personal financial liability arising from
decisions made in their board role — including allegations
of wrongful acts, mismanagement, or breach of fiduciary
duty. In New York where building management decisions
regularly result in litigation D&O coverage is essential
for any co-op or condo board. Most standard master policies
do not include it automatically.

When we submit your account to multiple carriers simultaneously they compete against each other for your business. Underwriters price more aggressively when they know they are competing. That competition is how we consistently lower premiums without reducing coverage.