What an HDFC co-op is
According to NYC's Department of Housing Preservation and Development, HDFC co-ops are limited-equity cooperatives incorporated under the New York State Business Corporation Law and Article XI of the Private Housing Finance Law, and subject to HPD supervision. They get reduced real estate taxes in exchange for income and resale restrictions. Many have a regulatory agreement with HPD. (Source: NYC HPD, HDFC Cooperatives.)
Insurance an HDFC co-op usually needs
- Property for the building at replacement cost. Older HDFC buildings are often insured below what it would cost to rebuild.
- General liability for common areas, stairs, sidewalks and the roof.
- Directors & officers liability, important for HDFC boards that approve buyers, enforce income rules and manage arrears. See board D&O explained.
- Crime / fidelity for maintenance collections and reserves.
- Umbrella where the budget allows or a lender or agreement requires it.
Check your documents first
A regulatory agreement, mortgage or city loan may set specific insurance requirements, such as minimum limits or naming a city agency or lender on the policy. HPD notes that regulatory agreements and mortgages are recorded in ACRIS. Send us those requirements and we will build the program to meet them.
Frequently asked questions
Is HDFC co-op insurance different from regular co-op insurance?
The coverages are similar: property, liability, D&O and crime. What differs is the budget, the board, and the extra requirements a regulatory agreement or city loan can add. We build around those.
Our HDFC has no managing agent. Can you still help?
Yes. Many of the HDFC boards we work with self-manage. We explain the policies plainly and help the board keep certificates and renewals on track.
Can we get an estimate online?
Yes. HDFC co-ops in NYC with 4 to 1000 apartments can use the instant estimate (choose co-op) for a starting range. Jacob will refine it into a quote.