Grand World Insurance Agency Inc
163-13 Depot Road, Flushing, NY 11358
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163-13 Depot Road, Flushing, NY 11358
View this agency's profile to learn more about their services.
4103 162nd St, Ste 201, Flushing, NY 11358
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41-03 162nd St, #201, Flushing, NY 11358
View this agency's profile to learn more about their services.
Learn about insurance coverage options specific to Flushing residents.
Flushing home insurance costs $2,111/year in NYC. Co-ops need $300K-$500K liability. Get coverage tips for Queens' diverse urban housing market.
Car InsuranceFlushing auto insurance costs $278/month average. Learn NY's no-fault PIP rules, 25/50/10 minimums, and how to save on coverage in Queens' busiest area.
General Insurance EducationComplete insurance guide for Flushing, Queens residents. Learn about flood risks, NY no-fault auto coverage, home insurance costs, and business protection.
Yes, absolutely. While your building has a master insurance policy that covers the structure and common areas, it doesn't protect your personal belongings, renovations inside your unit, or your liability. Most co-op and condo boards require you to carry $300,000 to $500,000 in liability coverage. You'll also need coverage for everything inside your unit walls, including furniture, electronics, appliances, and any improvements you've made like upgraded flooring or kitchen renovations.
For a traditional home, expect to pay around $2,111 annually in New York City, which is higher than the state average of $1,900. For co-op and condo owners, coverage typically runs $600 to $700 per year in NYC. However, rates have been rising sharply—Queens saw insurance premiums increase over 50% between 2020 and 2023, and rates continue climbing 8% or more annually in 2025. Your actual cost depends on your property value, coverage limits, deductible, and claims history.
No, standard homeowners and condo policies do not cover flood damage. You need a separate flood insurance policy through the National Flood Insurance Program (NFIP) or a private insurer. While Flushing isn't in a FEMA high-risk flood zone, climate change is expanding flood risk throughout NYC, and 40% of flood claims come from areas outside designated high-risk zones. NFIP policies average about $700 per year, and there's typically a 30-day waiting period before coverage begins.
Loss assessment coverage helps pay your share if your co-op or condo board levies a special assessment after a major loss that exceeds the building's master insurance policy limits. For example, if a fire damages multiple units and the master policy doesn't cover the full repair cost, the board can bill unit owners for the difference. This can easily run thousands of dollars. If you own a co-op or condo in Flushing, loss assessment coverage is essential protection that most policies offer as an add-on.
Several factors are driving rate increases in Queens. Property values have surged 94% over the past decade in New York, making homes more expensive to replace. Climate change is bringing more intense storms and expanding flood risk. Queens communities face increased costs due to coastal exposure. Insurance companies are also adjusting rates to cover rising claims costs and increased reinsurance expenses. Insurers raised rates by 8%+ in 2025 alone, and premiums are climbing faster than the national average.
Home insurance is not legally required by New York State, but it's effectively mandatory in most situations. If you have a mortgage, your lender will require proof of insurance before approving your loan and throughout the life of your mortgage. Co-op and condo boards also require shareholders and unit owners to carry insurance, typically with minimum liability limits of $300,000 to $500,000. Even if you own your property outright, skipping insurance means risking your entire investment.
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