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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.
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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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
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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