wastenot wrote: the ownership stock certificate for my coop apartment in New York City, which reportedly must be in the possession of the apartment owner in order for a bank to issue a mortgage. If I sell the apartment in the future, I will be in trouble if I cannot produce the stock certificate.
What would you insure it for? Two and one-half cents, two for the paper and one-half for the ink? I remember there was this thing called Sandy that did some damage in NY, perhaps it even destroyed some important papers (some by fire, some by water damage). My assumption is that you would be able to get duplicates issued for most important papers. I know you can get your water soaked I bonds replaced. If it cost $50 to get a replacement, I guess you could insure the paper for $50, but I doubt an insurance company will insure your piece of paper for $1 million. I think you can only insure up to your loss, and I doubt that you would lose your home if you lost that piece of paper. But I don't know a lot about NY; while others think CA is strange, I find the way they do things in NY just as strange.
Maybe you should double check some of those reports; perhaps the situation wouldn't be as dire as you have heard. I know of this thing called google, so I took a chance.
“First, don’t panic,” said Stanley Simon, a Manhattan real estate lawyer. “The stock certificate and proprietary lease are only pieces of paper, and if they are lost, there are procedures in place to deal with that.”
That was from the definitive source of all information NY, the NY Times.