Niagara View Apartments

Welcome to the Niagara View apartments.

        Remember the saying "One bad apple don't spoil the whole bunch"? Well due to the recent damage caused by a tenant the board proposed a requirement that all shareholders carry insurance on their apartment. The majority voted yes except for myself and three other members. Granted it is unfair for the co-op to bear the cost of repairs from irresponsible tenants, but it should be pointed out that in our 47 year history these have been few and far between. Most of our residents have lived here without incident. Mandated insurance requires everyone to pay for the possible actions of the few negligent residents. Statistically it will generate a windfall profit for the insurance carriers*.
        Some may point out the innocent pay anyway as these costs are added to our maintenance. The difference is we pay only the true cost of repairs and not the additional costs (profit, employee benefits, etc.) of an insurance company. We can also take legal action to make those responsible pay even if it is over time in small increments. Making the guilty pay, now that's progressive.  Hmm sounds like an insurance slogan. That's my point, it may be dull, but what's yours?

*At current rates our tenants would be paying over $200,000. a year in premiums. So far this year there has been only $13,000 in damages. I believe it may be in some shareholders best interest to have insurance, especially those with Picasso's, Monet's, and Rembrandt's hanging in their living room. I don't believe we should mandate it.