Written by Ronda Kaysen on April 04, 2013
In February, a 105-unit condominium near Ocean Parkway in Brooklyn saw its insurance premium spike by 30 percent to $44,000. A 148-unit condo on the Upper East Side of Manhattan watched its bill jump 10 percent, to nearly $72,000. And a doorman co-op in Prospect Heights, Brooklyn, recently swallowed a 9 percent premium increase. Condos and co-ops across New York City are bracing for an expensive insurance market, as insurers raise rates for the first time in years.
No building seems immune. Even co-ops and condos that are fully insured and haven't filed claims are watching their rates jump by as much as 9 percent and their deductible limits rising. Other buildings are discovering that their carrier simply won't cover them anymore.
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