How much "additions and alterations" insurance?

no, i think that is too high, b/c the co-op would be responsible for fixing the plumbing, electricity, studs/sheetrock/plaster, etc. - items which you pay for in a gut renovation. i think the right answer is what you would spend on upgraded flooring, kitchen cabinets, appliances, tiling, countertop, etc. and bathroom fixtures, mouldings, built ins, etc.

I have $75k in additions and alterations for an 800sq foot 1 bedroom with a kitchen and bath that have both been renovated in the last 5 years. I agree with printer, the co-op is on the hook for the basis, so I simply calculated the incremental cost of the kitchen, bath and a few other small improvements. Note that you should make sure it is replacement cost coverage, to protect you against inflation in future years.

It will depend on your proprietary lease, but in many cases, the co-op does not pay for any finish work whatsoever. In situations where nice walls or floors are ruined, the co-op insurance may cover 1/10 or less of the actual replacement cost. E.g., your expensive plank floors get ruined and need $5,000 in patching and refinishing. The adjuster may give you a credit of $100 for a couple of cheap parquet tiles since that's what the building originally had. Your skim-coated walls get mold from a flood. The adjuster will pay for the bottom 12" to be cut out, replaced with drywall (if that's what your building originally had), and give you a $20 allowance for priming. Making the bottom foot of the wall match the top 8 feet is all on you. I've seen both of the above to happen to two friends of mine.

I'm also in an 800 square foot decently renovated one bedroom, and $100k is my number. I actually think it's a little low, if anything.

Hi, is there a minimum recommended amount per sq ft for calculating how much to use for additions and alterations? Specifically, for Chubb insurance? Also, does this amount vary based on the existing condition? Thanks!

If this is a high value apartment, in my experience Chubb physically inspects the property and specifies an amount of additions and alterations if you have a replacement cost policy, which in my view was too high by a lot. But I do believe that the cost of a full on gut renovation (including demo) is the right number, but may be slightly lower for a coop if the windows, insulation, drywall on exterior walls, entry door, etc. belong to the coop under the proprietary lease.