What Are the Top Winter Property Insurance Claims for Coops?

Housing prices in the Tri-State are at an all-time high, preventing some from achieving their piece of the American Dream: homeownership. Cooperatives are a great housing option that makes homeownership possible for those who cannot afford a condominium property or single family home. Since the residents own a share in the overall property, not their individual unit, there is often confusion when winter weather causes property damage. However, many coop residents may not understand what property insurance claims may be management’s responsibility and which are theirs. Here is a rundown of the most frequent coop claims in NYC and how each is handled.

Unlike condo claims in NYC, coop property insurance claims are generally for the loss of personal property. Claims for damage sustained by the building’s infrastructure, the walls, roofing, etc. are generally submitted by the property management company on behalf of the residents who own a share in the cooperative corporation. What are the causes of the top winter damage claims?

1. Frozen Pipes: Coop residents can avoid damage to personal property such as computers, furniture, and clothing by wrapping any exposed pipes in their unit. This is especially important if there is an end unit or there is any plumbing near an outside wall where the temperature will likely be colder than elsewhere within their premises. While indirect, in theory, precautions coop owners can take to protect their personal property will keep overall operating expenses in check as well.
2. Roofing, gutters, outside water spouts, sidewalks, and driveways: snow and ice can create hazardous situations. While ensuring proper site maintenance is Management’s responsibility, residents who notice icy pathways should report dangerous conditions to Maintenance immediately. Again, this ounce of prevention lowers risk of property insurance claims and liability claims, thereby reining in operations costs and reducing the risk of personal property damage.

If you are a cooperative property manager or resident and want to know more about coop claims in NYC, give United Public Adjusters & Appraisers a call. We can provide information now, and guidance later in the event that you need to submit an insurance claim. Schedule your consultation today by calling 800-718-5677 today.