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. Thanks for listening. Subscribe to this podcast for more stories on how New York co-ops and condos have solved a myriad of problems. Brought to you by Habitat Magazine, the "bible" that hundreds of board directors turn to every day!