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Boards and apartment dwellers need to ensure they have adequate insurance coverage for everything to avoid being caught short in the event of a fire or flood, as lack of insurance can lead to financial burdens for the co-op and significant out-of-pocket costs for shareholders. (Print: Coverage Is Complete)

A property manager at First Management Corporation worked with a building that confronted a 400% increase in insurance premiums due to a major fire, but was able to find a carrier willing to cover the building for $510,000 and pass a ban on e-bikes to prevent future premium costs. (Print: How To Keep Insurance Costs in Check)

Insurance premium financing loans allow condo and co-op boards to finance the lump sum cost of insurance premiums, with interest rates in the low double digits and no risk of default for the lender. (Print: Easing the Pain of High Premiums)

A co-op in the Bronx was able to renew its insurance coverage with its original carrier after having multiple claims on its loss record, thanks to the help of FirstService Insurance Brokers. (Print: Hard Market, Hard Choices)

Requiring homeowner insurance is a crucial strategy for mitigating risk and protecting the financial health of a community, as it provides essential coverage for liability, personal contents, loss of use, and loss assessment, and can help transfer risk to the homeowners. (Print: The Cost of Risk)

A condo board was able to recover from a bad loss record and renew its insurance policy by installing leak detectors and creating a plan to correct and prevent future problems, which led to a reduction in premiums. (Print: Recovering From A Bad Insurance History)

The rising costs of construction liability insurance pose a significant challenge for co-ops and condos, potentially making it unaffordable for many buildings in the near future due to factors such as the Scaffold Law and fraudulent claims, leading to increased expenses for building repairs and maintenance.

To mitigate rising insurance costs, co-op and condo boards can shift water damage coverage to homeowners by amending proprietary leases or bylaws. Communication is key.

When carriers refuse to pay for claims, you can fight back and win.

A strong partnership with your carrier is a smart strategy.