How much insurance for a coop?
We’re in the process of purchasing our first apartment, and we’re trying to determine how much homeowners’ insurance to carry for the interior of our coop. This is to cover the walls, floors, fixtures, and appliances (as opposed to our actual possessions) in the event of some catatrophe inside our apartment not covered by the…
We’re in the process of purchasing our first apartment, and we’re trying to determine how much homeowners’ insurance to carry for the interior of our coop. This is to cover the walls, floors, fixtures, and appliances (as opposed to our actual possessions) in the event of some catatrophe inside our apartment not covered by the coop’s building-wide insurance.
The “recommended amount” quoted to me by Geico was $30,000, but to me that seems low – if the entire interior of our apartment (3 rooms) is destroyed, it will cost more than $30K to fix it.
If anyone could give any input as to how much is a good amount, or what you carry on your coop, I’d greatly appreciate it. Thanks!
The OP wants more coverage not less. Certainly not cheap crap insurance that pays you five bucks to replace your apartment after years of haggling. Like State Farm does to people.
I’d never own an apartment in a building with other people without really good insurance. It doesn’t have to be you who starts a fire to have your apartment burn. It could be any of the people living in your building or their kids.
When I bought a condo 10 years ago i took $300,000 liability.
The value of the condo went sky high and that amount became antiquated.
Now it looks like I will be increasing the liability since the value went up so much.
Go with $1000 deductable. You will save a bundle on premiums.
Don’t forget to put your car with your coop insurance and get an umbrella policy. If you do a troika you will save loads of money on your premiums because it is all with the same insurance company.
Geigo is the most expensive besides Amica.
Call State farm and they will help you figure it out.
State farm is on the internet and find an agent that way.
I am #1 — long-time coop owner and treasurer of building.
The co-op’s insurance only covers to the plaster or subfloor. Everything that sticks out of the wall or floor is yours, as is the floor (wood, tile etc).
Yes — you also have liability — but it is better to get a high deductible for that. you don’t want to submit claims for a couple hundred for a minor issue like a leak.
You should check the master plan of the coop insurance. In case of fire they will replace “original”. So if you’ve renovated the kitchen and bathroom you may want to include that in the “dwelling” portion. Same if you’re replaced the floors. Damage to another apt would be included in personal liability coverage.
and i think you’re responsible if something in your apt causes damage to other units in your building, right? this is a bad example, but if your bathtub overflows and causes water damage to other units. can someone confirm this?
If I remember correctly, your coop’s insurance is responsible for building the walls (you only have to supply the decoration – the paint) in the event of catastrophe. I think you are responsible for covering anything added since conversion, which would likely include fixtures such as your kitchen cabinets, renovated bathroom stuff, etc. Don’t take my word for it – talk to a NYC insurance professional – even if you eventually buy from Geico. (But you might want to consider whether you’d be best served in the event you needed to make a claim if you buy from a company that doesn’t understand coops.) Yes, you need more than $30,000, but you don’t necessarily need $200,000 – it really depends on the quality and extent of the existing renovation that you’d need to recreate.
We had to argue with the carrier to provide more coverage. We have a 1500 sf 2 bed/2-1/2 bath and we got $200K. Most insurers do not understand coops (v. condos) or that it costs 3-4X to remodel/biuld in one in NYC.