Q I received a letter, dated May 4, 2015, stating that I have an illegal tenant occupying my unit. It stated that all unit owners must inform management about any tenants and provide proper paperwork, including names, phone numbers, and …
Tag: Home insurance
In a city like New York, where even the most profligate among us may shed a tear or two at hotel room prices, the homesharing trend has grown by leaps and bounds, with more co-op and condo owners than ever renting out their units to short-s…
Property insurance, by definition, is a guarantee of compensation for a specific loss or damage to physical property or equipment. Within that broad and simplified explanation there is room for multiple interpretations—and more than enough …
There are approximately 3 million New Yorkers living in New York City’s 6 hurricane evacuation zones. This fall, should a Class 1 hurricane (74 mph) make landfall New York City will order the evacuation of those living in the most flood pro…
In South Africa, it’s called a “sectional title.” In Quebec, it’s a copropriété divise or “divided co-property.” In Italy, they call it “condominio,” derived from Latin. Regardless of location, a condominium—commonly referred to as “condo”…
Condos and homeowner associations have made headlines over the years for passing all kinds of overreaching and downright silly rules and regulations—everything from forbidding the flying of the American flag to having prohibitions about ha…
From the Magna Carta to the U.S. Constitution, written documents have helped shape the way people live and interact with one another for centuries. The fundamental documents that establish co-ops and condos have that same importance in bui…
According to a 2013 poll by the Insurance Information Institute, only 13 percent of American homeowners have some sort of flood insurance policy, and those living in New York City are low on that list. After all, New York City certai…
You can’t underestimate the value of insurance. In a simple analogy, operating a business—or the day-to-day business of a co-op or condo—without adequate insurance coverage is a lot like skydiving without a parachute. Needless to say, it’s…
Think back to when you were younger and got your first job. You worked your hours—perhaps flipping burgers, taking orders or cutting the grass—and then earned your first paycheck. You went to the bank, signed the back and had it cashed and…