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Old 12-03-2016, 12:15 PM
 
Location: Boulder, CO
367 posts, read 439,130 times
Reputation: 569

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I own an apt. in a co-op building in Kew Gardens, Queens, but I got transferred to Colorado a few years ago, so I've been renting it out ever sense. My tenant has renters' insurance. Do I need insurance on top of this? I've paid about $200/year through Allstate, which isn't terrible, but if I don't need to be spending that, I don't want to. My policy is up for renewal.
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Old 12-03-2016, 12:40 PM
 
Location: Confines of the 101 Precinct
19,217 posts, read 32,730,162 times
Reputation: 7609
Quote:
Originally Posted by Sean Kellogg View Post
I own an apt. in a co-op building in Kew Gardens, Queens, but I got transferred to Colorado a few years ago, so I've been renting it out ever sense. My tenant has renters' insurance. Do I need insurance on top of this? I've paid about $200/year through Allstate, which isn't terrible, but if I don't need to be spending that, I don't want to. My policy is up for renewal.
You still own the apartment....as a shareholder you should still carry your own insurance. Surprised your co-op does not mandate you as the shareholder to carry insurance, since you're thinking of not renewing. Furthermore, even more surprised your co-op allows you to sublet.
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Old 12-03-2016, 02:31 PM
 
1,007 posts, read 582,236 times
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Yes you always need co-op insurance of some sort. If the building burns down you would be for putting in the cost of the apartment to rebuild
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Old 02-20-2017, 03:02 PM
 
Location: Boulder, CO
367 posts, read 439,130 times
Reputation: 569
Quote:
Originally Posted by BoogeyDownDweller View Post
Yes you always need co-op insurance of some sort. If the building burns down you would be for putting in the cost of the apartment to rebuild
Thanks. Done.

SeventhFloor: They discourage subletting by hitting me with a monthly fee. i still come out on top but only by about $20. The renter had to go through an interview process and pay an $800 onetime fee (which I sprung for half).
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