FAQ
1. Is NYAA Insurance Brokerage an insurance company?
No. NYAA Insurance Brokerage is a broker with access to multiple insurance companies.
As your insurance broker, we work on your behalf, to essentially shop the insurance market to obtain the best coverage options available for your needs.
2. How can NYAA Insurance Brokerage help with my insurance?
NYAA Insurance Brokerage has long-standing relationships with various wholesaler brokers and managing general agencies for access to multiple “A-Rated” insurance companies, to obtain the most accurate and competitive quotes for your unique coverage needs.
3. Does NYAA Insurance Brokerage have access to special discounted program for NYAA Members?
Unfortunately, we do not have access to any special discounted programs specifically for NYAA Members. However, we do have great access to some of the most competitive carriers and coverage products currently available throughout the insurance market.
4. Do I need to be an NYAA Member to use NYAA Insurance Brokerage?
We provide services to NYAA Members and Non-Members. We do, however, highly recommend that all owners of Rent-Stabilized apartment buildings explore the many benefits of becoming a member of the New York Apartment Association.
5. Does NYAA Insurance Brokerage only offer insurance policies for apartment buildings?
We can write insurance for apartment buildings, homeowners, condo & coop units, renters, vacant buildings, business owners (restaurants, beauty parlors, variety stores, sports bars, night clubs, etc.), builder risk & renovations, contractor liability, workers compensation, commercial auto, physical damage, garages, special events… And so much more. If you need coverage, just ask!
6. What information should I prepare before requesting an insurance quote?
This typically depends on the type of insurance quote you are seeking.
With commercial insurance quote applications, a currently dated Loss History Report (also called Loss Runs) for the last 5 years of coverage, is required. For buildings, we need information about the property, including rental income, the condition and age of the roof, electric, plumbing, heating, and windows. Additionally, we ask that you send a copy of your current policy for reference and review.
With all personal lines quote applications, we are required to submit the SS# and Date of Birth of the applicant, along with information about the location.
Business owners will be required to provide the loss history report and additional information related to business operations.
7. Why has my insurance premium increased so much more over the last couple of years?
Several factors have contributed to the insurance industry’s market-wide increases in more recent years. Many insurance companies have been impacted by an increase in claims nationwide, resulting in a steady and significant rise in insurance premiums. Additionally, replacement cost values are up due to the inflated costs associated with construction labor, materials, and supply chain issues.
Commercial property & casualty lines of coverage, and particularly apartment buildings, are among those most affected. Multiple insurance carriers are focused on minimizing their exposure, to maintain financial stability, by eliminating certain types of policies from their portfolio of business, or no longer offering coverage in particular states. These changes cause more limited access to insurance companies or products, and allow market premiums to rise exponentially.