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Problem Solved! For Co-ops and Condos
From building repairs and maintenance, energy upgrades, insurance, lobby redesigns, accounting and financing - the challenges facing co-op and condominium board directors are endless. In this series, Habitat Magazine editors interview New York City experts to learn how problems have been solved at their client co-op and condo buildings. We take a deep dive into the issues being confronted, the possibilities for solutions, the costs, the challenges, and the outcomes. Habitat Magazine, founded in 1982, is the trusted resource for New York City co-ops and condo board directors. Visit us at www.habitatmag.com
Problem Solved! For Co-ops and Condos
How An Action Plan Helped A Condo Overcome Insurance Challenges
A relatively new 41-unit condo on the lower east side of Manhattan was plagued by leaking PTAC units in owner apartments, and it filed $500,000 dollars in insurance claims over four years. That helped pay for the fix, but over the years their annual insurance premiums doubled from $35,000 to $70,000, with the prospect of a renewal costing over $100,000. Habitat’s Paula Chin speaks with Sophie Bird, senior vp at IMA Financial Group, to find out what they did to rein in these costs and make themselves more attractive to other carriers so they could get insured.
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