Higher Insurance Costs, Lower Coverage Squeeze Co-op and Condo Boards (NY)

/ Owner - November 6, 2024

The blows keep coming for Logan Browne and his neighbors. As president of his condo board in Bushwick, Brooklyn, Browne watched the building’s insurance rates triple last year. Then, after the board filed two insurance claims when heavy rainfalls flooded the basement in 2020 and 2023, the insurance carrier declined to renew the policy. When the property manager went shopping for a new insurance carrier, he was repeatedly rebuffed, and the board had to settle for a $15,000 policy, which forced the board to double monthly carrying charges.    Read the article…………………………….

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