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January 10, 2008
Condo Building Insurance
Hi all, for those on a condo board, how did you assess how much insurance your building needed (not the individual units)? I'm trying to figure out if a site visit is the norm or if there is another way for the board to know that the building is adequately insured.
If you have companies you like please share.
This is for a small condo building (4 units) if that makes a difference.
Thanks!
Comments
Try Brownstone Agency.
Posted by: guest at January 10, 2008 10:47 AM
It's a tough question to answer. If your condo is new construction, you can get someone to estimate, sort-of, what it would cost to repair common elements if there was some disaster. But if it is a pre-war building, it is harder to judge - will you actually replace the 100-year wood in the common areas with something comparable (very expensive), etc., or will you rebuild with cheaper, modern materials? (If it is in a landmarked area, you may not have a choice anyway where the exterior is involved.) It depends on what your owners want, really, then you have to guess. Had to judge this for a coop (similar and different) - we got a drive-by (not site visit) from one agency. They said what we already had with Brownstone Agency was sufficient - but the board/owners uped it considerably anyway because it just seemed too low, and they wanted to be able to repair like the 100+ year old landmarked building it was if need be.
Posted by: guest at January 10, 2008 9:14 PM
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