Renovating Your Multi-Family Brownstone? Here's a Checklist Before You Get Started

Sponsored By Brownstone Agency, Inc.

The Brownstone Agency, Inc. has been providing quality and affordable insurance coverage for brownstone, townhouse, and multifamily owners and condo/co-op boards since 1973.

Created By Brownstoner

Ensuring that part of your multi-family brownstone is still habitable when renovating is wise because the rental income can help offset your renovation costs. Consider these points when updating your brownstone:

1. Consider your current residents

Renovations, even minor ones, can be a major disruption, so it’s important to be as transparent as possible with residents about the process.

• Tell residents how the renovations will benefit them.
• Let them know precisely when contractors will be in the building.
• Emphasize safety.

2. Get the right coverage

Owners will often think their existing insurance policy covers their building while it’s under construction, so they’ll neglect to tell the insurance broker. Not always true!

• You’ll need builder’s risk insurance, a.k.a. “course of construction insurance.”
• It covers property and construction materials during new-construction projects, remodeling, and installation work.
• Brownstone Agency will ask you to send along the contractor’s policy to make sure that contractor is covered.

To protect your investment, reach out to Brownstone Agency today and inquire about builder’s risk insurance.