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I'm buying a co-op in Manhattan for the first time and I would like some information on what type of insurance I would need. This will primarily be a pied-Ã -terre and I will not have much if any valuables there. Any advice on what type of policy to get or what company is recommended? Thanks.
one unknown thing you want to check on with co-op,condo or hoa insurance is whether they offer a rider that covers you if the development gets sued and the award is more than they have insurance for .
all shareholders or owners are liable for any excess but your regular liability insurance will not cover you .
they only cover acts by you or other household members , not acts by others .
i confirmed the no coverage with geico who said some insurers offer a rider to cover acts by others but they do not .
today the awards can be so big it is something to think about .
Jak,
You cannot insure against everything.
Personally, I very much resent my co-op demanding I insure AT ALL but they do, so I keep it minimal.
I think a lot of people experience that current commercial where you are referred to Page 5 in your policy and it says: "blah, blah, di blah, blah."
I presume that with any loss, my insurance company will find a way to NOT PAY, so I might as well not have it.
As a shareholder in a very large co-op, if I ever successfully run for the board I will propose the board take out an immense umbrella policy covering all contingencies of all shareholders relieving 660 apartments of the need to buy a separate policy. So if Mary floods Joe's apartment: the co-op covers all losses. Everyone will save money.
I'm sure Lloyd's of London has something that will suffice.
Even at $100/year/apartment that makes for a generous $66,000 policy.
Last edited by Kefir King; 10-16-2016 at 10:24 AM..
in order to decide what to mitigate with insurance you first need to know some of the things we think we are covered for but are not , so we can decide if we want to add that coverage or not .
we found out about not being covered when we had the house the hoa. we did our own civilian patrolling of the grounds . many time they chase out those who don't belong on atv's or snow mobiles .
the question came up as to what if someone got hurt because of an over zealous patrol member and an award exceeded the policy limits .
no one knew that you were not covered for such an event under your homeowners or umbrella policy .
at least now you can decide what to do about it ,if anything . the same thing can apply to co-op's and condo's if they get sued ..
Make sure you bundle with your car insurance whoever you go with. When I bundled I actually ended up paying less for my car insurance. I had a $200 a month car insurance rate that dropped to $170 plus $10 a month for the coop insurance, when I added on co-op insurance (yes I know it is still high but it is because I am 24)
Jak,
You cannot insure against everything.
Personally, I very much resent my co-op demanding I insure AT ALL but they do, so I keep it minimal.
I think a lot of people experience that current commercial where you are referred to Page 5 in your policy and it says: "blah, blah, di blah, blah."
I presume that with any loss, my insurance company will find a way to NOT PAY, so I might as well not have it.
As a shareholder in a very large co-op, if I ever successfully run for the board I will propose the board take out an immense umbrella policy covering all contingencies of all shareholders relieving 660 apartments of the need to buy a separate policy. So if Mary floods Joe's apartment: the co-op covers all losses. Everyone will save money.
I'm sure Lloyd's of London has something that will suffice.
Even at $100/year/apartment that makes for a generous $66,000 policy.
i don't think that the building would want to assume liability for what goes on in all your personal lives .
your policy covers liability for acts you personally cause or those of your household . if your neighbor is sued for something non building related and losses do you want your building to be liable or their insurance ? i wouldn't .
if your neighbors have bad credit or to many claims why would you want to be penalized by paying more than you should for insurance .
I am presuming, perhaps erroneously, that an enormous umbrella policy would cost far less than the sum total of every residents individual policies and thus we would all save money.
Insurance is EXTREMELY profitable, otherwise every second commercial on TV wouldn't be for an insurance company.
All the major consumer property and casualty insurers offer coop/condo plans. This is what you're looking for. They cover the interior of the unit (think from the paper on the sheetrock in) but not the structure of the building or anything that's the responsibility of the building itself. The coop/condo corporation should have it's own insurance for that.
I use State Farm for mine. I've never had a claim, so I don't know how they'd handle such. But they seem to have a good reputation.
Quote:
Originally Posted by Zeech
I'm buying a co-op in Manhattan for the first time and I would like some information on what type of insurance I would need. This will primarily be a pied-Ã -terre and I will not have much if any valuables there. Any advice on what type of policy to get or what company is recommended? Thanks.
I don't think an insurance company would write a policy for the building that would directly cover the property and liability of the individuals. Generally the holder of the policy has to have a direct stake in the loss that's being insured. They would probably decide that the concept of the corporation buying insurance to cover individual residents would run afoul of that concept.
Quote:
Originally Posted by Kefir King
I am presuming, perhaps erroneously, that an enormous umbrella policy would cost far less than the sum total of every residents individual policies and thus we would all save money.
Insurance is EXTREMELY profitable, otherwise every second commercial on TV wouldn't be for an insurance company.
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