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Any suggestions on minimum amounts of damage/liability coverage we should require sharehoders to have in a NYC co-op building
WE suggest a minimum of $300,000 Personal Liability. The additional premiium is nominal.
I think that a 100k is a bit to little because is there is gonna be a huge law suit against the tenant, the tenants insurance company will just pay out the 100k and the rest will go against the associations insurance vs. if the tenant carries at least 300k liability, the tenants insurance company will fight it in court or make a settlement.
We also mandate 'loss assessment' coverage of between $10k to $25k (studio to 2 bedroom) and issue a fine of $250 for non-compliance.
300k is the minimum, average should be 500k
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This is what we recently advised our shareholders (and rental tenants):
General Liability $100,000
Property Damage $50,000
Apartment Contents $50,000 (suggested, depending on value of personal property)
We are a 100-unit co-op in Forest Hills, Queens.
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