Co_oP Education Tips

Co-Op Education Tips—When to File a Claim

Moving into a co-op is a great option for many people who want to reduce costs, enjoy the benefits of ownership, but cast aside some of the more cumbersome issues involved with owning a home. Even so, you still need quality homeowners insurance, but these policies should be specific to co-ops

So, how do you make the most of these policies, protect your new home, and save money? These co-op insurance tips will explain when to file a claim, how, and why.

When to File an Insurance Claim

When your unit is damaged, there’s a maintenance issue that causes damage or disruptions, or you need to move out for massive repairs, you should consider filing an insurance claim. Think of the claim in this way:

  • What is your deductible?
  • How costly will the repair be?
  • Are you simply notin a position to not use your insurance?

Take a moment to consider the best option for you and your family. Reach out to our team for more information if you need a bit of guidance, but remember that most homeowners (such as yourself) have a sense for when they simply need to file a claim because, if they don’t, they can’t afford to recover.

Report Incidents Quickly

Reports incidents to the co-op as quickly as possible. If nothing else, you want the co-op to step in and handle the problem for you. That’s much faster and cheaper than filing an insurance claim for every little thing. Plus, the co-op management team and maintenance crew can explain what they are obligated to do and what they will not do
Of course, they cannot tell you to file an insurance claim or not, but the information they provide will help push you in the right direction—especially if they handle the repairs for you.
After all, your co-op fees have to pay for something.

When Not to File an Insurance Claim

There are times when you might not want to file an insurance claim. Chiefly, you shouldn’t file an insurance claim when:
  • The cost of the repair is lower than the deductible
  • The co-op is handling the repairs
  • A third-party has volunteered to handle the repairs


Most people can easily do the math for the first two instances, but, what third-party would handle your repairs?

Imagine, you live in a high rise and a construction crew across the street allowed a propane gas tank to explode. While your building wasn’t badly damaged, debris flew in the air, broke your windows, and caused damage to your walls and personal belongings. In these cases, the construction company (the third-party) is filing an insurance claim, handling the repairs, and reimbursing you. 

Contact The Budde Agency for More Information on Co-Op Insurance and Claims

Reach out to our local experts at The Budde Agency when you need information on co-op insurance, repairs, deductibles, and when to file a claim. Understanding how best to use your policy is a powerful thing, and over time, you will learn how to make the most of the insurance policy you must purchase before moving in.

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