How NYC co-op and condo boards can push back on rising insurance costs

Key facts

Outlet

Brick Underground

Date

October 19, 2026

Who it applies to

NYC co-op and condo boards

Step 1

Stay on top of major mechanical repairs

Step 2

Pay higher deductibles

Step 3

Ensure projects have appropriate coverage

What it means

The highlights

1. Keeping up with major mechanical repairs can help lower premiums.
2. Agreeing to pay higher deductibles is another way boards can cut costs.
3. Boards should make sure building projects carry appropriate coverage.

Why it matters Landlords

Small building owners face the same insurance pressure, and upkeep, deductible choices and project coverage may affect what they pay.

What to do: Review your building's deductibles and repair backlog before your next policy renewal.

Not known yet

• How much premiums have risen for NYC co-op and condo buildings
• How much a higher deductible typically saves, and what it costs the building when a claim is made
• What counts as appropriate coverage for building projects
• Whether insurers give specific credits for completed mechanical repairs

Background

In NYC, a co-op or condo building usually carries a master insurance policy for the structure and common areas, paid for through maintenance or common charges. Individual owners typically buy their own policy for their unit's interior and belongings. When the building's premium or deductible goes up, that cost is generally shared among owners through the building budget.