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Problem Solved! For Co-ops and CondosAuthor: Habitat Magazine
From building repairs and maintenance, energy upgrades, insurance, lobby redesigns, accounting and financing - the challenges facing co-op and condominium board directors are endless. In this series, Habitat Magazine editors interview New York City experts to learn how problems have been solved at their client co-op and condo buildings. We take a deep dive into the issues being confronted, the possibilities for solutions, the costs, the challenges, and the outcomes. Habitat Magazine, founded in 1982, is the trusted resource for New York City co-ops and condo board directors. Visit us at www.habitatmag.com Language: en Genres: Business, Education, How To Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Why Your Governing Documents Are Sabotaging Your Insurance Rates
Episode 24
Monday, 29 December, 2025
A newer Upper West Side condominium was facing a crisis: three water damage claims over four years had pushed their insurance premium from $50,000 to $130,000. Sophie Bird, Senior Vice President at IMA Financial Group, reveals how her team discovered the real culprit wasn't the building itself, but something hidden in the bylaws that was driving up claim costs. Bird explains the unconventional strategy her team used to help this condo escape the expensive non-admitted insurance market and start bringing premiums back down. Along the way, she shares insider knowledge about when boards should actually report claims and why frequency matters more than severity. Whether your board is currently struggling with rising insurance costs or wants to prevent future problems, this case study offers a roadmap for using governing documents strategically to protect your building's financial health. Habitat’s Emily Myers conducts the interview.Thanks for listening. Subscribe to this podcast for more stories on how New York co-ops and condos have solved a myriad of problems. Brought to you by Habitat Magazine, the "bible" that hundreds of board directors turn to every day!
