NYC Condo Insurance

NYC Condo Insurance – Frequently Asked Questions

How are Condo Owners being affected by the Economy?

According to this article, maintenance fees in NYC are on the rise.  In February 2009, some condo maintenance fees were rising by 15%.  The Co-op managers are blaming expenses such as property taxes.  The sad fact is that some condo fees are increasing at double the rate that they normally do.  While condo fees are on the rise, it would be a good idea for condo-owners to re-evaluate other costs associated with their condo such as their condo insurance coverage.  At Insurance Services of New York City, we offer very competitive insurance rates for condos.  Fill out one of our short New York City Condo Insurance forms to see how much you could save.

Should I buy a pre-construction condo?

When deciding if you should purchase a condo that has not yet been built,
it is really important to weigh the pros and cons.

Pros:

  • Purchasing a condo that has not yet been built can sometimes mean you get a price that is below the current market rate.
  • Purchasing a pre-construction condo sometimes gives you the abilities to get several upgrades thrown in for a reasonable price
  • You have more time to “get out” of the purchase if you change your  mind and don’t want to buy the condo

Cons:

  • If the real estate market takes a turn for the worse, the money you thought you saved may not make much of a difference.
  • Sometimes building projects don’t finish on schedule, and then you can be without a place to live
  • You have to put a large deposit down long before you have a condo to move into.

What is the Difference Between a Condo and a Co-op?

According to About.com, in New York City, 85% of all apartments available for purchase are in co-op buildings.  When you buy a co-op, you don’t really own your apartment, you simply own shares of a corporation that owns the entire building.  In order to purchase a co-op, you have to go through an approval process which can be time consuming and rigorous.  For more details about Co-ops visit About.com’s Real Estate 101 page or click here to get a NYC Condo Insurance Quote.

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