5 Best Insurance Companies for Luxury Condos & Co-ops in NYC

Skyline view of New York City as the sun sets.

Do you own a high-end condo or upscale co-op in New York City? Are you looking for the best insurance companies for luxury condos & co-ops in NYC?

Knowing what to look for in companies that offer luxury insurance packages, including coverage for upgraded condos and co-ops across Manhattan, can help you and your broker find the best insurer to meet your needs. Keep in mind, only select brokers within the U.S. have access to these top insurance companies for luxury condos & co-ops in NYC.  Be sure to choose an agent wisely.

The best insurance companies for luxury condos and co-ops in NYC will typically also cover single-family homes and estates. Your time is valuable, so consider an insurance company that can streamline paperwork by covering your beach house in the Hamptons, second home in Colorado or your estate in Westchester County.

What to Look for When Insuring a High-Value Condo & Co-op in NYC

Does your carrier offer virtually unlimited coverage for additional living expenses (ALE) while your unit is undergoing repairs from a claim?

The most reputable insurance carriers provide virtually unlimited additional living expenses (ALE) coverage. Since it is challenging, at best, to find unoccupied property in Manhattan, having “generous” ALE coverage limits can make it easier to find an acceptable temporary residence. In addition, ALE coverage from New York’s top companies permits the insured to dine out and cover other expenses while they are displaced from their primary residence with limited concern that the costs may exceed reasonable or typical living expenses for a specified period of time.

Does your carrier provide customized coverage to guarantee that your valuable belongings and your home will be replaced in full after a covered event?

To match the level of quality and building materials in a high-end condo or co-op, a luxury insurance package will often pay full replacement value, sometimes exceeding policy limits.

Insurance carriers that cater to financially successful families also provide customized coverage for household goods and valuable collections, including fine art and wine. Regular policies may permit additional endorsements and riders to protect specific items, but there may still be coverage gaps.

For example, it’s unlikely that a standard home insurance provider will have a team of insurance adjusters that specialize in claims involving liquid asset storage—for a wine collection—or a team of top-rated art curators—to inspect, repair and restore damage to an art collection.

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Will your broker and carrier provide confidential, concierge service?

Service is just as important, if not more so than coverage limits for financially successful families. Luxury carriers will often provide risk assessment and advance-planning to minimize clients’ exposure. In addition, they maintain full confidentiality and understand how to meet their clients’ needs in ways other insurance carriers can’t. For example, many insurers will send a team of cyber-security professionals to check your network vulnerability.

Of course, your insurance broker should be your main point of contact, but you should be assured that your carrier will also provide concierge-style service and maintain full confidentiality as needed.

Is your carrier one of the best companies for high-value insurance for condos and co-ops in NYC?

There are only a handful of select carriers and agents who have the infrastructure, experience and coverage knowledge to provide proper protection to celebrities and top-earners in the U.S.

Many brokers have “access” to the companies listed below through another broker.  They gain this access through “wholesalers” or “brokers-for-brokers.”  That’s not ideal.

Your broker should have a direct appointment with the companies listed below.  Only the top agents are directly appointed by these high-end insurers.  In addition, most of these agents have a knowledgeable team of concierge-level advisors that are familiar with the unique coverage needs of high-net-worth clients.  When a claim happens, you’ll be happy you chose a broker with a direct line to the insurance company.


new york city luxury condo insurance

5 Best Insurance Companies for Luxury Condos & Co-ops in NYC

AIG High Value Insurance 2019 2

AIG Private Client Group

With more than 70,000 policyholders, including 43 percent of the Forbes 400, AIG Private Client Group is one of the most well-known names in luxury insurance packages, private collections, and umbrella policies.

AIG Private Client’s customized policies even cover broken items and damage caused by domestic pets. The carrier offers personalized, concierge service to help clients face any situation.

For instance, when a client’s basement was damaged due to a burst pipe a week before her daughter’s 15th birthday party, AIG Private Client’s ALE coverage paid for the policyholder to host the party at an alternate location. This is the level of personalization and coverage AIG Private Client customers can expect.


CHUBB Insurance146
Chubb Insurance

The world’s largest publicly traded property & casualty insurance carrier, Chubb Insurance also specializes in home insurance for your luxury Manhattan penthouse, condo, or co-op. If you’ve made extensive improvements to your residence, Chubb will cover full replacement value. The company’s risk consulting experts ensure you have the right coverage limits for special or unique upgrades in your space.

Chubb may also cover your deductible if there is a loss or catastrophic event affecting common areas covered by association insurance.

In the event of a claim, Chubb adjusters respond within hours, often paying claims as quickly as 48 hours.


pure home insurance mansion 2019 2PURE Insurance

PURE Insurance, part of the PURE Group of Insurance Companies, is unique in that it is a member-owned insurer serving the personal insurance needs of financially successful families. The companies that make up the PURE Group create financial strength and a strong sense of alignment with the needs of PURE Group members.

The PURE Situation Room is a resource for members, providing analysis and advice on potential risks to pure members – from severe weather to cyber-threats and even young drivers.

PURE policies offer guaranteed replacement cost of your luxury co-op or condo, as well as the items within.


cincinnati home insurance 1Cincinnati Insurance

The Cincinnati Insurance Company is a Fortune 500 firm ranked amongst the top 25 property casualty insurer groups.

Cincinnati’s Executive Capstone policy provides full coverage to rebuild your home, including any special features and upgrades you may have made. The company offers ALE coverage to help you find an equal or better temporary residence while your luxury co-op or condo is being re-built.

Personal articles coverage provides appraisal value for fine art, firearms, jewelry, wine, and other collections, and may pay up to 150 percent for scheduled articles, or up to $50,000 per item on a blanket schedule.


NatGenPremier Luxurious home insurance 2NatGen Premier

NatGen Premier, part of National General Insurance Agency, is a provider of personal insurance lines, including condo and co-op insurance, for high-net-worth individuals and families.

Known for concierge service, with phone responses within less than 24 hours for claims and questions, NatGen Premier provides its private clients with comprehensive insurance solutions. NatGen Premier policies provide guaranteed replacement cost for your condo or co-op, including any unique upgrades and special features – even beyond policy limits.

NatGen Premier will also repair or replace your apartment’s contents without depreciation. The carrier offers customized coverage limits for rare collections, fine art, firearms, wine, and other personal items, including coverage anywhere in the world.


Do You Need High-Value Insurance for Your Luxury Penthouse in Manhattan?

Luxury Insurance is typically reserved to co-op and condominium units with a minimum value of $2 million and for owners with a net worth of $5 million or more.

These are not official requirements – your insurance broker can tell you if you need a high-value home insurance policy for your luxury NYC condo or co-op and connect you with one of the best companies to provide it.


luxury penthouse high value insurance


Home Insurance Articles

Top 5 List of Best Insurance Companies for Protecting High-End, Luxury Properties

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