Insurance review for NYC and area residents

[BobbyJones]

This may be insurance 101 for some of you but I thought I'd share.

I renewed my renters coverage today and noticed a entry on the endorsements section titled "Off Premises Theft Exclusion". A quick review reveals that that NYC and some surrounding areas have this endorsement automatically included that eliminates coverage off premises.

The endorsement itself isn't a big shock, but the fact that the agent never mentioned it is. This is even after having a lengthy "bike" talk to insure i was covered for replacement value and didn't need special coverage, etc. I think I did run through some scenarios and "off premises" theft was one of them, but due to the fact that she may be out of the affected area may have something to do with it.

Just a heads up for those who skim over these kinds of things!

[BobbyJones]

And a followup for reading purposes / workaround.

Speaking to the agent and adding off premises coverage was a trivial amount BUT only was only good for 10% of my total coverage.

Scheduled coverage just for the bikes up to 10k was almost $700. The path of least resistance which we figured out was to double my base policy amount for a more reasonable sum, so the 10% off premises is pretty close to what's needed for the bikes.

Hope this helps someone else out.

[Dired]

What company are you using? I was recently shopping around and have a quote from Erie Insurance using a broker based out of Poughkeepsie. They are very competitive with both our renter's and non-owned auto policy. Reviewed the policy - no theft restrictions. Let me know if you need a contact.

[johnmdesigner]

Any good suggestions for co-op insurance with bicycle coverage in the NYC area?