Unlike what most people believe, apartment insurance is not just for theft and fires.
Vertical dwellers are actually prone to other forms of mishaps like bathroom overflows, dog bites, and leaks from PTAC a/c units, says Jeff Schneider of Gotham Brokerage.
"Burglaries and fires happen," says Schneider, who helps customers file around 500 claims a year, "but they are relatively rare in comparison."
The following are three of the top apartment insurance claims in New York City according to brickunderground.com:
Sink, tub, and toilet overflows
Average claim size: $5,000-$20,000
"This is far and away the primary type of claim we see," says Schneider. "Kids leave things in toilets or sinks that clogs them up or people just forget the water is running."
Sometimes, when apartment buildings stop the water service temporarily for some maintenance work, some residents turn on a faucet and turn it off in the wrong direction and leave it going out all day. When this happens, and the resident leaves the house at 9:00 a.m., the water overflow can warp floors, ruin artwork and more or less melt your bathroom walls.
Dog bites
Average claim size: $10,000
Your apartment insurance would usually cover if your dog bit or injured someone. (Note: Some insurers will not cover you if you own certain supposedly aggressive-breed dogs.)
The risk of your dog biting someone increases in the close confines of vertical living, for instance, in an elevator.
"We see a number of claims involving children bitten while petting someone else's dog in an elevator," says Schneider.
The amount of a claim "might be a few hundred dollars for medical expenses like stitches or injections," says Schneider--or much more.
"Wherever somebody is bitten, they always turn out to be a model for that part of their body-a hand model, a leg model, etc.," he says, half-kidding. "A child who receives a facial scar, even if it's not disfiguring, could be awarded several hundred thousand dollars."
Leaky PTAC units
Average claim: $5,000, with a range between $2,500 and $150,000.
Packaged Terminal Air Conditioners are cooling and heating units mounted radiator-style beneath windows.
"In the summer, when the a/c is turned on, these units use cool water and generate water flows from condensation. The water is supposed to be drained away but the drains often clog with dust or mold," says Schneider. "Instead of being transported away, water will overflow for quite awhile before being noticed. Floors will start to buckle and water can be absorbed into your wall, ruining paint, wallpaper, and plaster--and water can run into the apartments beneath."
For renters, the landlord would usually cover the cost for the floor repair. But if you own, you can replace a part of the floor yourself which could cost you somewhere around $5,000-$50,000, says Schneider.
