Can anyone recommend Coop insurance? I'm currently paying $545 per year for what doesn't seem like much ... I'm not sure if it's typical : - personal property 40k ($280) - contents replacement / repair cost, workers comp, etc. ($110) - personal liability of 500k ($55) - coop owner non-specified perils ($20) - water back up / sump pump discharge ($80) - dwelling 145k (incl) - loss of use 20k (incl)... [more]
Can anyone recommend Coop insurance?
I'm currently paying $545 per year for what doesn't seem like much ... I'm not sure if it's typical :
- personal property 40k ($280)
- contents replacement / repair cost, workers comp, etc. ($110)
- personal liability of 500k ($55)
- coop owner non-specified perils ($20)
- water back up / sump pump discharge ($80)
- dwelling 145k (incl)
- loss of use 20k (incl)
- fungi / microbes (incl)
- med payments of 5k to others (incl)
The 145k dwelling I assume is what I'd get if I needed to rebuild, which doesn't seem like much to replace a pre-war coop, truly a 1-bed but sold / advertised as a 2 bedroom.
Doesn't include flood coverage, policy makes this clear.
Looking forward to hear what you are doing for insurance, and any recommendations. There's also the matter of the building's insurance which I believe is for common areas, possibly more, and preempts my personal insurance?
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Response by hofo
over 7 years ago
Posts: 453
Member since: Sep 2008
What's the market value of your apartment and how old is it? Who is the insurer?
I had Chubb but their premiums went up by 20% a year for a couple of years so I dropped them and switched to AIG for less than half the cost. I also added a couple of million in umbrella. Total cost roughly $800.
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Response by sgsg
over 7 years ago
Posts: 13
Member since: Dec 2014
hi hofo, i'm using travellers the value is approx $400k / 450k - could have gone up or down from that ... not sure of the market but would guess it's down from about 2/3 years ago when i purchased, do you recommend aig? also what is umbrella? i think an umbrella is travellers logo :) any analysis of my plan? is it normal, bad, good?
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Response by CaptainOfTheGate
over 7 years ago
Posts: 78
Member since: Jun 2017
Doesn't seem bad.
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Response by streetsmart
over 7 years ago
Posts: 883
Member since: Apr 2009
I have Allstate. You can call Kevin Schaefer here in NYC.
I was here on 9/11. Allstate reimbursed me for all my damages, they did not ask me for receipts.
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Response by sgsg
over 7 years ago
Posts: 13
Member since: Dec 2014
I decided to keep what I have for now ... but referred to this:
and am a little concerned that 145k won't rebuild a pre-war 1 bedroom of ~ 700 square feet. I might increase my coverage at some point to 250-350k.
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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9877
Member since: Mar 2009
I know with Chubb they actually have someone come visit your apartment and value the "betterment's and improvements" and then force you to take a policy for that value. I was kind of shocked when they valued the betterments and improvements at $750,000. But I am wondering if you call them and get a quote and they value you're better than and improvements for you then you will have a better idea of how much coverage you need.
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Response by Nut
over 7 years ago
Posts: 15
Member since: Jul 2008
Hello everyone,
I am a licensed insurance broker and happy to help. Firstly, on the topic of carriers: there are many carriers and even within one carrier there are many different products. The devils are really in the details so casually comparing prices does not tell the whole story.
As a guide, replacement costs to rebuild your Manhattan coop or condo runs between $400-$600 per square foot in today’s dollars. Maybe a bit less in the boroughs. This would be the cost to rebuild your unit from the studs in. There is good economic reason to value your property limits correctly because there can be negative consequences with getting paid on claims if the property is underinsured. This topic is beyond the scope of this blog and am more than happy to chat about it offline.
Aside from the dwelling (also called A&A), there are many other complexities of a policy including liability, water coverage, loss of use, ordinance & law, all-risk vs named peril, cash value vs replacement cost, earthquake, and others.
My company specializes in educating and empowering people to make more informed decisions on insurance, and it would be well worth your time to connect with me if you have questions. Insurance is a unique purchase because you do not know how well it will perform until you have a tragedy, so it is best to make an informed decision upfront (i.e. there is no trial period). To make things even more opaque, the quotes that insurers produce do not really tell you a whole lot about coverage. My promise to you is that you will walk away with a better understanding of insurance (range of products, limitations, etc.) after our conversation. My other promise to you is there will be no pressure to buy anything from my firm. In fact, I will be honest with you and let you know if I think there is a better product you can find elsewhere (at which point you will be a more informed consumer). And if you do end up working with me, there is no charge to you, I shop the markets for you, and have your best interest in mind. As a broker, my fiduciary duty is to you, the policy holder, unlike most agents who have a fiduciary duty to represent the insurance company’s best interests. Helping my clients is a labor of love – I do this because I see an opportunity to educate and empower everyday people to better decisions on protecting their important assets by leveraging my deep experience in the insurance space.
Give us a call. I’ve been in the Insurance industry for over 20 years, and have held various senior roles as an executive, consultant, investment banker, and broker. I am confidently I can give you a unique perspective that you may not get from other brokers.
I just realized there were a few other questions that I can also answer here.
Regarding Chubb – Unfortunately there is not an option for customers to “call them” unless there is a claim. Chubb is an exclusive broker market and all non-claims communication needs to go through a broker. I do a lot of business with them, and they are a very good carrier for the NYC market.
Umbrella – Good question. Umbrella products are used to extend liability beyond the 500K or 1M cap that most insurers place. In my professional opinion, this is one of the most important pieces to risk management, especially in NYC. My typical clients carry well north of 1M of liability coverage, and I have extensive experience with this product.
Travelers – I have worked with them too, and happy to answer any questions.
Allstate – I do not represent Allstate since that is an agent market (agents represent Allstate), although I am very familiar with their products, pricing, and services (from my own experience and many of my clients). Happy to answer your Q’s on this product.
Just FYI (this was not asked), the NYC market can be divided into two buckets: the comprehensive market and the middle market. There are few carriers that offer true comprehensive coverage (Chubb, AIG Private Client, National General Premier). The middle market consists of everyone else which include some household names and others you may not have heard about.
Give me a ring or sent me an email and I am happy to answer further questions.
Best wishes and stay safe!
-Seth, CEO
Prana Risk Insurance Services
Office: +1-917-438-0984
info@prana-risk.com
www.prana-risk.com
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What's the market value of your apartment and how old is it? Who is the insurer?
I had Chubb but their premiums went up by 20% a year for a couple of years so I dropped them and switched to AIG for less than half the cost. I also added a couple of million in umbrella. Total cost roughly $800.
hi hofo, i'm using travellers the value is approx $400k / 450k - could have gone up or down from that ... not sure of the market but would guess it's down from about 2/3 years ago when i purchased, do you recommend aig? also what is umbrella? i think an umbrella is travellers logo :) any analysis of my plan? is it normal, bad, good?
Doesn't seem bad.
I have Allstate. You can call Kevin Schaefer here in NYC.
I was here on 9/11. Allstate reimbursed me for all my damages, they did not ask me for receipts.
I decided to keep what I have for now ... but referred to this:
https://www.brickunderground.com/blog/2014/04/10_questions_to_ask_before_buying_co_op_or_condo_insurance
and am a little concerned that 145k won't rebuild a pre-war 1 bedroom of ~ 700 square feet. I might increase my coverage at some point to 250-350k.
I know with Chubb they actually have someone come visit your apartment and value the "betterment's and improvements" and then force you to take a policy for that value. I was kind of shocked when they valued the betterments and improvements at $750,000. But I am wondering if you call them and get a quote and they value you're better than and improvements for you then you will have a better idea of how much coverage you need.
Hello everyone,
I am a licensed insurance broker and happy to help. Firstly, on the topic of carriers: there are many carriers and even within one carrier there are many different products. The devils are really in the details so casually comparing prices does not tell the whole story.
As a guide, replacement costs to rebuild your Manhattan coop or condo runs between $400-$600 per square foot in today’s dollars. Maybe a bit less in the boroughs. This would be the cost to rebuild your unit from the studs in. There is good economic reason to value your property limits correctly because there can be negative consequences with getting paid on claims if the property is underinsured. This topic is beyond the scope of this blog and am more than happy to chat about it offline.
Aside from the dwelling (also called A&A), there are many other complexities of a policy including liability, water coverage, loss of use, ordinance & law, all-risk vs named peril, cash value vs replacement cost, earthquake, and others.
My company specializes in educating and empowering people to make more informed decisions on insurance, and it would be well worth your time to connect with me if you have questions. Insurance is a unique purchase because you do not know how well it will perform until you have a tragedy, so it is best to make an informed decision upfront (i.e. there is no trial period). To make things even more opaque, the quotes that insurers produce do not really tell you a whole lot about coverage. My promise to you is that you will walk away with a better understanding of insurance (range of products, limitations, etc.) after our conversation. My other promise to you is there will be no pressure to buy anything from my firm. In fact, I will be honest with you and let you know if I think there is a better product you can find elsewhere (at which point you will be a more informed consumer). And if you do end up working with me, there is no charge to you, I shop the markets for you, and have your best interest in mind. As a broker, my fiduciary duty is to you, the policy holder, unlike most agents who have a fiduciary duty to represent the insurance company’s best interests. Helping my clients is a labor of love – I do this because I see an opportunity to educate and empower everyday people to better decisions on protecting their important assets by leveraging my deep experience in the insurance space.
Give us a call. I’ve been in the Insurance industry for over 20 years, and have held various senior roles as an executive, consultant, investment banker, and broker. I am confidently I can give you a unique perspective that you may not get from other brokers.
Good luck and stay safe!
-Seth
CEO, Prana Risk Insurance Services
Office: +1-917-438-0984
info@prana-risk.com
www.prana-risk.com
I just realized there were a few other questions that I can also answer here.
Regarding Chubb – Unfortunately there is not an option for customers to “call them” unless there is a claim. Chubb is an exclusive broker market and all non-claims communication needs to go through a broker. I do a lot of business with them, and they are a very good carrier for the NYC market.
Umbrella – Good question. Umbrella products are used to extend liability beyond the 500K or 1M cap that most insurers place. In my professional opinion, this is one of the most important pieces to risk management, especially in NYC. My typical clients carry well north of 1M of liability coverage, and I have extensive experience with this product.
Travelers – I have worked with them too, and happy to answer any questions.
Allstate – I do not represent Allstate since that is an agent market (agents represent Allstate), although I am very familiar with their products, pricing, and services (from my own experience and many of my clients). Happy to answer your Q’s on this product.
Just FYI (this was not asked), the NYC market can be divided into two buckets: the comprehensive market and the middle market. There are few carriers that offer true comprehensive coverage (Chubb, AIG Private Client, National General Premier). The middle market consists of everyone else which include some household names and others you may not have heard about.
Give me a ring or sent me an email and I am happy to answer further questions.
Best wishes and stay safe!
-Seth, CEO
Prana Risk Insurance Services
Office: +1-917-438-0984
info@prana-risk.com
www.prana-risk.com