Hi Rubina, congratulations. I have referred many clients and customers to Ralph ALLSTATE INSURANCE 718-352-8080. Usually your coop management/ board requires a certain amount of insurance, but if they didn't ask for a paid receipt before closing-yours may not have the requirement. The management carries a blanket insurance for structure, common areas, etc. etc. You should have just for your apartment in case of damage caused by you to other units,(bathroom overflows and damages the lower unit, etc. etc). Ask Ralph-should be approx $200.00-$350.00 a year.depending on how old the building (piping, electrical) square footage, contents, etc,etc, Let me know how it works out for you. Terry K 718-614-3167 or email TKorahais@elliman.com... more
Are you talking about an actual house or an apartment? In apartments they quote usually by bedroom count, and a one bedroom apartment would be way under $200 a year. House would obviously be more, but shouldn't be by much. I have someone who does my insurance at AllState if you like the contact #.
In 90% of co-ops the co-op's insurance only covers incidents originating from and/or affecting - the common elements of the building. Assuming both of the units involved in this leak belong to individual owners - and assuming the toilet back-up was caused within the privately held space - the co-op's insurance would not apply. It may apply if the back-up was caused by defects in the common area plumbing.... more
Mitchell, it is only in the last few months that I have been getting commitments for borrowers that ask for them to get an HO6 policy. I had never seen it before. They ask for them to have it, but do not escrow for it. Also, the managing agents generally give the insurance for no charge, but charge for the condo or co-op questionnaire unless the bank will accept the generic one that they have. Some also charge for the financials, which the listing agent should get from the seller up-front, according to what I learned in a seminar that I had to take with agents when I worked for another company. It always makes the agent look good when I can tell my borrower that the agent saved them money.
Also, an interesting thing that you might want to know is that one of the major co-op lenders who would not take a new questionnaire if the building is on their list is now asking for a questionnaire if it was over 30 days since they reviewed one.
The reason I mentioned about the high end buildings is because they are the ones that I find are the strictest on debt ratio. I did learn my lesson though years back when I got someone approved with a back end of over 50, but the co-op board turned them down. Now I always ask them to have their agent check.... more
Well, obviously I don't know any details of your home, but look into Pure Insurance, they specialize in coastal homes so they would have strong flood and wind coverage. They write policies in New York.... more