Living in a co-op can be a great experience, but it can also come with its own downsides. Here's a scenario to consider. If you recently had your entire apartment refinished, spending lots of money, and then had your home flooded, you'd be looking to see who would be liable for the damage. Your apartment is a co-op, meaning there is a manager who takes care of the general building while you own your own home through a shareholder status.
You'd have to reach out to the management to ask what can be done about the damage, but it's likely you'd find out that it won't cover it. Now, you have to make a claim with your homeowner's insurance. So, who actually should cover damage like this?
Generally speaking, you'll be responsible for maintaining and repairing anything inside your apartment. The cooperative corporation will have to cover any damage that is on the outside of the building or in communal areas. The co-op should be keeping the building in good repair to prevent damage to the apartments inside. If the co-op fails to do so and the damage leads to damage in your property, then you may be able to seek a claim against the co-op for the negligence it's shown.
Every situation is different, so looking into your legal options with your case in mind helps you know what to expect if you decide to file a claim. Our website has more information on living in a co-op and what to expect if your home is damaged or if the co-op is in violation of an agreement.