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Most buildings require it. Given how inexpensive it is, anyone who has enough money to buy but doesn't pay up for it is a fool.
if a pipe breaks and floods your apartment , the co-op will pay to fix the water damaged walls and ceiling but unless there was some negligence they or your neighbors are not responsible for your personal effects that may be damaged .
if you are burglarized you are not covered ...
if you do something wrong and are negligent like running a bath and forgetting the water is on you will be sued for the damages of others and the building
Just contact any decent provider of homeowner/co-op/condo insurance for rates.
There are no "advantages" in having insurance other than not having coverage can lead to your happy behind in a world of financial and legal trouble.
A pipe in your apartment's walls leaks or bursts and units one, two or more floors below are flooded or at least suffer damage. Those tenants (and the building) are going to look at you for liability.
Someone falls or otherwise injures themselves in your apartment. Guess who they are going to sue?
A fire in or maybe next door, below or whatever causes damage or even guts your apartment. Who is going to pay for not just contents damaged, but costs to repair/rebuild?
Just contact any decent provider of homeowner/co-op/condo insurance for rates.
There are no "advantages" in having insurance other than not having coverage can lead to your happy behind in a world of financial and legal trouble.
A pipe in your apartment's walls leaks or bursts and units one, two or more floors below are flooded or at least suffer damage. Those tenants (and the building) are going to look at you for liability.
Someone falls or otherwise injures themselves in your apartment. Guess who they are going to sue?
A fire in or maybe next door, below or whatever causes damage or even guts your apartment. Who is going to pay for not just contents damaged, but costs to repair/rebuild?
my son had that happen ...t in his co-op the pipe connecting their sink rotted through and leaked while they were out ....
the apartment downstairs was flooded ...they tried to sue my son but since there was no negligence or liability involved on my sons behalf they ended up losing and were told they have to foot the bill themselves ... the co-op repaired the walls and ceiling but anything else was their responsibility to pay for .
I'm only paying $160 per year. I think I should look at my coverage to make sure it's enough.
Recently my neighbors above were negligent with caulking their shower, and the leaks started coming through into my unit. Luckily the cost to fix was somewhat negligible ($800) but they elected to make a claim with their insurance to fix it. It could have been much worse, say, if that ceiling had actually fallen in. As it was, it was only a crack and basically needed rather minor repairs.
I am contracting to buy a 2 bedroom (1000 sq ft) co-op in Jackson Heights and my policy quote was like $306 for the year. You'd be a fool not to get it.
Most buildings require it. Given how inexpensive it is, anyone who has enough money to buy but doesn't pay up for it is a fool.
people over insure everything, there is a reason insurance companies are a billion dollar industry.
I rather pay in the very slight chance IF something happens vs paying every year IN CASE something happens. especially in an apartment where all the inside walls are covered by the coop. It might be "cheap"... but it's cheap for a reason, there isn't much to insure and the chances of anyone ever needing to file a claim must be minuscule. for 99.9% of people it's usually just throwing $400-500 a year down the drain, and while that may be "cheap"... it's still about $40 per month and in 10 years it's $5,000.
people over insure everything, there is a reason insurance companies are a billion dollar industry.
I rather pay in the very slight chance IF something happens vs paying every year IN CASE something happens. especially in an apartment where all the inside walls are covered by the coop. It might be "cheap"... but it's cheap for a reason, there isn't much to insure and the chances of anyone ever needing to file a claim must be minuscule. for 99.9% of people it's usually just throwing $400-500 a year down the drain, and while that may be "cheap"... it's still about $40 per month and in 10 years it's $5,000.
Everyone’s got a plan ——— until they get punched in the face "........
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