How to Make Your Condo, Co-op or HOA More Resilient to Disaster Three Important Steps

King Kong, aliens, asteroids, 9/11, Superstorm Sandy, fires, floods and whatever else the world throws at us, disaster and New Yorkers are no strangers, whether on screen or in real life. While the greatest tragedy is the loss of life, disasters also cause major financial and reputational damage, often leading to the temporary shutdown of companies or even putting them out of business altogether.

If you call New York home, however, keeping your business running probably won’t be your only priority. You’ve spent years saving up, searching far and wide, applying and (eventually) getting into the perfect condo, co-op or HOA, and you finally feel that you’ve found your place in the world. You’re on the board, and you’ve spent countless hours working to improve your building and make it more attractive, thereby protecting your hard-earned investment. Then, with what seems like no warning, disaster strikes, and all of your work is undone in an instant. Your building is significantly damaged. Worse, your standing in the neighborhood is undermined when it appears that your building’s preparations and response were less than stellar. Residents complain to the local media, and several critical blogs are published and widely shared in social media. Even after the repairs are completed, your building just isn’t so desirable to live as it once was. No homeowner wants to go through this scenario.

It’s true: disasters aren’t always at the top of our minds. Our buildings always have pressing issues to resolve that are much more urgent than some imagined future catastrophe. As a result, some communities rely on luck alone to get them through tough situations.

A much better bet is to integrate disaster planning into your regular processes and discussions and make it a part of your building’s very identity.

Disaster Planning Made Easy

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Property Management Performance After Sandy

Even Stronger After The Storm

 

Comments

  • Frances/ Brooklyn Coop on Tuesday, June 09, 2015 12:31 PM
    I live in a brooklyn coop, and I was informed by another shareholder that the building does not have sufficient insurance on the building. Are shareholders entitlted to see the policy put on the building, looking through our financial statements I see our coop pays a premium of less than 50,000 a year.