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Co-op Insurance NY: What To Look For

Posted on March 7, 2012

Your co-op’s insurance policy could leave you uncovered

A co-op at 29th and Broadway, Manhattan. Photo courtesy of Beyond My Ken, via Wikimedia Commons

When you buy a New York City co-op, you’re going to have a lot of questions and hoops to jump through. We’re sorry to add one more thing to your checklist, but here goes: Check your insurance. Closely.

Buying a co-op can be a singularly frustrating experience. Current residents will want to know all about you before they let you buy into the building. Auditioning to impress your future neighbors is no fun. With some co-ops, you might feel like you’ve been audited by the IRS by the time you’re done.

Some co-ops force owners to buy individual property insurance properties for their unit. You might not feel like thanking them, but you should.

“A lot of people don’t realize that the master co-op insurance policy that covers the building doesn’t really cover what you would lose if there was a broken pipe or a fire,” says Jeff Schneider, CEO of Gotham Brokerage.

The co-op’s master policy will make sure the building is rebuilt and that common spaces are returned to tip-top shape — but the policies promise a whole lot less for individual units. Many co-op policies will only pay to rebuild a shell of an apartment. You might get a floor, a ceiling, walls and a coat of paint. The co-op policy typically won’t pay to give you back your tile floors, granite countertop or your high-end kitchen and bathroom fixtures. Some policies won’t even pay for new plumbing or wiring.

Without your own insurance policy, your nice New York apartment could be rebuilt to resemble a college dorm room. A very expensive college dorm room.

Gotham Brokerage can help you get a policy that will cover your unit and ensure that, if disaster strikes, you’ll get the money you need to put your apartment back the way it was.

If your co-op requires you to buy a policy, we can help you get the best. If your co-op doesn’t require the insurance, we can explain in great detail why it’s a good idea to carry your own policy anyway.

Questions? We’re happy to help. Give us a call at (212) 406-7300.

Gotham Brokerage Co., Inc. is a family run insurance brokerage serving New Yorkers for over 50 years. We specialize in the insurance needs for those living in the city and provide a full range of insurance products designed specifically for the city.