When it comes to insurance, it is rare in NYC that there is a fire, or in 24 hour security buildings, even more rare to have a burglary. But water damage is another issue.
Whether aging building infrastructure, or buildings being renovated, NYC is in the middle of what we refer to as a “Water War”.
We are in the middle of a damage claim where the neighbor’s upstairs toilet was replaced, and not properly installed. The connection failed and the result was near $500,000 in damage. Who pays and how?
You would hope the upstairs neighbor’s insurance company, if they have coverage, or is it the contractor who installed the toilet, or is it the toilet’s manufacturer??
With a claim this large, the upstairs neighbor’s insurer will most likely be very deliberate in determining “Legal Liability”.
To the injured party at a minimum this means lengthy delays!!
So what is the conclusion here? Make sure you pick a premium insurance company for your property, avoid the hassle of claim delays, and get back to normal as soon as possible.
All policies come with a deductible, but most insurance policies come with limits and language that will turn this aggravation into a nightmare. If you get caught up in a water war, having the right insurance company is the right answer.