It is extremely rare that a luxury high rise in NYC has a fire. But what is very common is water damage from a burst pipe in your unit, or even worse, from the unit above. The insurance company you pick can either make an inside flood an inconvenience or a disaster.
Here is why!
When a pipe bursts, or leaks in your upstairs neighbors bathroom, there are two insurer’s involved: Theirs and Yours. When you select the right insurance company they will initiate the cleanup and payments being issued by your insurer for your damage. Afterword, your insurer will go after the neighbor and their insurance for recovery, alleviating you from the process.
Picking the wrong insurer, will become an exercise in determining who was responsible, getting estimates on repairs, and replacing the damages. So you can expect delays delays delays
If you have to move out of your home during the rehab, the selection proves to be even more dynamic. Many insurers limit how much they will pay for temporary housing, anything over that limit is coming out of your pocket.
If the water damage was from a pipe burst in your unit, your friendly neighbor will quickly become adversarial if you have made a poor choice on insurance companies. These leaks occur in both brand new and older buildings all the time, hence the more importance of the choice.
Inside floods are never good, but making a good choice on insurers can keep an inconvenience from being a disaster.