Inside a Co-op's Insurance Nightmare and Remarkable Recovery
Update: 2025-05-12
Description
If your building was suddenly hit with a 400% insurance premium hike, who do you turn to? That was the question facing a Queens co-op after a devastating fire. Vik Shingwani, a property manager at First Management Corporation, reveals how strategic management helped reduce their renewal from $750,000 to $510,000 — still high, but a significant improvement. Shingwani offers practical insights on navigating catastrophic claims, managing affected residents, and implementing preventive measures that insurance companies actually respond to. Habitat’s Paula Chin conducts the interview.
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