I moved from a co-op to a rental. Is it possible to change my co-op insurance policy to renter's insurance?

It should be easy (and cost-free) to make the switch and insure your new apartment, though you're likely to have to get a brand-new policy, say our experts.

"While some insurers can make the switch under your existing policy, most will have you cancel and rewrite the policy when you sell and become a renter," says Jeff Schneider of Gotham Brokerage. This is because the contracts for co-ops and condo versus rental insurance are slightly different; the main difference is that when you own, the internal structure of the apartment is covered.

However, Schneider notes that your insurer should be willing to cancel your old policy on a pro-rated basis, and that there shouldn't be any kind of penalty fee for you to make the switch.

Virginia K. Smith is the senior editor at BrickUnderground.com, the online survival guide to finding a NYC apartment and living happily ever after. To see more expert answers or to ask a real estate question, click here.