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I have a really serious dilemma. I'm looking to buy a co-op / condo in the Bronx, NYC. I was just joking around with my friends and one of them brough this up. What would happen if the building burns down? My heart literally skipped a beat for a minute. So what would happen???
Let's assume there is a fire, the building is burnt beyond repairs (it has to be teared down). I paid $150,000 for this co-op; CASH. What would happen to my money??? And if I have a loan, what would happen then? I really need some advise.
The co-op board carries an insurance for the building. The cost is included in the maintenance charges. It is strongly advised you carry your own insurance to protect your personal property as well. It costs about 300-400 extra a year but it is worth it if you get robbed or start a fire while cooking that only affects your unit. The co-op insurance only covers the physical building (walls, plumbing, possibly kitchens and baths depending on the reason of the fire), not your personal stuff.
the Co-op has insurance and you also need your own for the unit...........BUT, if the fire is supicious dont think the insurance company is going to be so kind and quick with helping you.
It's no different than if you have a house anywhere.You get insurance.Whether or not you get adequate coverage is completely up to you.If you deal with a bank at all they will definitely make sure that they are protected at least in the amount of your loan. After that( your equity) it's up to you.
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