When Brownstone Markets Rise, So Does Your Risk. Is Your Property Covered?
As the New York brownstone market continues to grow, so can the risk. Reviewing your property assessments and insurance each year can provide peace of mind.
All around the world, New York City brownstones are seen as one of the most iconic symbols of quaint luxury. And although they come in different scales, units and quality, the fact remains that a brownstone, in its picturesque form, represents a quintessential aspect of suburban life in the city.
Brownstone Market Boom in Brooklyn
Over the last few years, real-estate prices of these coveted icons of New York style have been on a steady incline – specifically within Brooklyn. The borough has begun to garner a name for itself as a place of genuine opportunity. With public tastes moving away from Wall Street status and traditional luxury, Brooklyn offers a new kind of luxury: one built on community and character. It’s raw. It’s do-it-yourself. It’s unlike anywhere in the world. It’s uniquely Brooklyn.
With an estimated 22,000 new apartments set to hit the market in Brooklyn and surrounding areas by 2019, it is the fastest growing real-estate market in the city.
This consistent climb in the market is fantastic news if you’re a real-estate broker. But what does this mean for you and your home? And what does it mean for your insurance values?
Taxes and Insurance
Residents of New York pay some of the highest property taxes in the nation. Inevitably, an increase in your property value means an increase in your property tax. According to the New York State Department of Taxation and Finance (DTF), you should be checking your property assessment annually, usually around May 1, to be sure it matches what you could realistically sell your home for. If the assessment comes in at a higher market value, you could very well be paying higher taxes than needed.
While your home’s appraised value will not necessarily equal the insurance value, it’s also important to evaluate your insurance. Ideally, this should be done at the same time as your property’s assessment to protect you against life’s accidents.
With the housing market a fickle mistress, who knows what will happen in the New York brownstone market? However, if you track the current market value of your home, we can help make sure that your insurance policy covers those increases. You’ll be able to rest easy, knowing your most valuable asset is secure.
Do you have the right building insurance coverage for your property? If your broker doesn’t schedule an annual review to ensure you’re getting the best possible rates, call our office at 877-576-5200 for a complimentary second opinion.
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