What to do when the worst case scenario happens to your building
By Virginia K. Smith |March 27, 2015 - 9:41AM
With the city still reeling from yesterday's terrifying building explosion in the East Village, New Yorkers are left with a lot of questions, including "How do I keep this from happening to me?" and "What do I do if it does?"
For additional help for displaced East Village residents, the Red Cross has set up emergency reception at P.S. 63, and the Standard East Village is offering a free three-night stay to anyone who lives between 119 and 125 2nd Avenue (all you'll need is proof of your address).
If you're faced with the worst case scenario and your building is destroyed or severely damaged, typical apartment insurance includes something called "loss of use" coverage, which will pay to put you up in temporary housing or a hotel. For renters, you'll receive around 20 percent of the amount of insurance you've taken out on your belongings—so for a common $15,000 policy, $3,000 per incident—and in a co-op or condo, the rate is more like 50 percent.
Both damage to contents and additional living expenses would be covered in a situation like yesterday's, says apartment insurance broker Jeff Schneider of Gotham Brokerage. "This is also why we recommend people take digital photos of their stuff and store online. In the confusion and personal disruption, you might not even remember what you have lost."
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