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Never Rely on Someone Else’s Insurance

Water damage is the top insurance claim that we see in residential buildings – probably 75 to 80 percent of all claims are because of this. Could be water from above, water from below, water from the pipes, water from an air-conditioning system, water from a faucet or toilet – wherever it comes from, it is quite likely that you or one of your neighbors will experience some type of water damage at some time. Whatever is damaged has to be repaired, and the big questions are: Who is responsible for the repairs, and who has to pay for them? Based on my experience with claim history, it’s prudent and important for shareholders to protect their own property. You’ll want to buy insurance coverage not only for your personal property but also for any improvements you, or the previous owners, made to the unit. For co-ops in particular, most proprietary leases say the corporation is responsible for fixing real property that hasn’t been altered. So if you have original floors, original cabinets, and original walls, the co-op will most likely have to pay for the repairs. There are definitely some restrictions. Generally, most apartments have been altered at some point, and these improvements are the responsibility of the shareholders. Never rely on someone else’s insurance .

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