Co-op Insurance while renovating

Started by saj8200

over 8 years ago

Posts: 56

Member since: Mar 2009

Discussion about

Has anyone had an issue buying insurance while the apartment is vacant and undergoing renovation? Three insurance companies have denied saying it is a high-value property and will be vacant for an extended period of time. They come and inspect and so they clearly see it is a gut reno.

Response by hofo

over 8 years ago

Posts: 453

Member since: Sep 2008

Have you tried contacting an insurance agent? I am guessing Chubb should be fine since they have great reputation for high end apartments.

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Response by saj8200

over 8 years ago

Posts: 56

Member since: Mar 2009

Thanks hofo! Yes, I have been working with an agent but they are not being terribly helpful. They have no suggestions for how to approach it. What a crazy injustice to NYC apartment owners.....

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Response by Aaron2

over 8 years ago

Posts: 1695

Member since: Mar 2012

I had no problem. Worked directly with insurance company (USAA), and even though they rarely handle co-ops, it was easy and painless.

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Response by 300_mercer

over 8 years ago

Posts: 10548

Member since: Feb 2007

My understanding (with limited experience) is that the coop is covered by the contractor's insurance while the work is happening. Chubb took off the insurance from me for the duration of the renovation and reappraised after reno and charged higher rate to reflect the reno.

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Response by 300_mercer

over 8 years ago

Posts: 10548

Member since: Feb 2007

Also, talk to an insurance agent. Here is a very good one.

http://wolfsonglobalinsurance.com/about/experience.html

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