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Maxwell-Kates, Inc. has expanded in its real estate services to include its new division, MKI Insurance Brokerage, Inc. Equipped with long standing relationships with leaders in the insurance industry, be assured you will receive the most desirable and comprehensive coverage at the most competitive rates. Through aggressive marketing and negotiating techniques, MKI Insurance Brokeage Inc. will interview brokers as well as carriers to obtain the best possible package that suits the needs and expectations of our clients. If you would like more information regarding our insurance affiliate, please contact Max Freedman at (212) 684-8282, extension 6656.
Homeowners Insurance is one of the most popular forms of personal insurance on the market. If you have purchased a condo or co-op, the bank will require insurance to protect its investment in your home. You may, however, need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building. You will need two separate policies to protect your investment:
To adequately insure your apartment, it is important to know what structural parts of your home are covered by the condo/co-op association and what are not. You can do this by reading your association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, insurance professional or family attorney.
Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures.
The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but those made by previous owners.
In other situations , the condo/co-op association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc. Ask your insurance professional about the following additional coverages.
This endorsement will reimburse the insured for increased living costs when loss of his/her property forces the Unit Owner or Shareholder to maintain a temporary residence elsewhere. (hotel or motel expense, extra cost for restaurant meals, etc.)
In most cases, you want to insure your dwelling and its contents for their replacement values, which will likely differ from the dwelling’s market value and your personal property’s depreciated cash value. You should also probably get a policy with automatic inflation adjustments so that the replacement costs keeps pace with the general level of price increases.
When purchasing insurance, it is important to find an agent or company that specializes in condominiums or co-ops. Also don’t forget to ask about all available discounts. You can reduce your rates by raising your deductibles and by installing a smoke and fire alarm system that rings at an outside service. If you insure your unit with the same company that underwrites your building’s insurance policy, you might also get an additional reduction in premiums.
Maxwell-Kates, Inc.’s Solution Department has partnered with Resolution Consulting Group to use our bulk purchasing power and their expertise to provide natural gas and electric pricing at significant savings to the market with the greatest flexibility; the ability to lock-in rates for various periods of time; take advantage of the savings without locking in long-term rates; etc. This program and the savings are only available to Maxwell-Kates, Inc. managed properties and is another way we add value to the properties we manage.
Maxwell-Kates, Inc. is committed to assisting the properties we manage conserve energy, reduce their carbon footprint and manage the cost of energy in the most efficient manner possible. Energy conservation and efficiency of operation are environmental pluses and have an immediate impact lowering operating expenses and increase the value of each individual apartment.
We hope you will participate in this new program which may lead to savings for your building. If you would like further information about how this could benefit your building, please contact your Account Executive that you are interested in Utility Pricing with MKI Solutions. (Visit our News and Links Section on our website for information in our Newsletters).
In response to the need and to provide total support to our management teams, and the best possible services to our clients, Maxwell-Kates, Inc.’s Solution Department also provides the following services:
Maxwell-Kates’ Solutions Department’s goal is to save costs and increase energy efficiency. Our team is currently reviewing the EPA’s Energy Consumption Benchmarking Program that will be implemented as of May 2011. This program will include entering all energy data for multi-family properties 50,000 square feet or larger. Failure to comply with the new energy benchmarking and energy auditing requirementswill result in violations which will subject buildings to fines. The MKI Solutions Department will oversee the management of this important program for the properties in our portfolio.
For further information, please contact us on how our MKI Solutions Department can better service the needs of your Cooperative and Codominium.