Condo/Co-op Insurance

 

CONDO AND CO-OP INSURANCE PROVIDES PROTECTION WHERE CONDO AND CO-OP ASSOCIATIONS DO NOT.

Insuring your condo or co-op is different than buying coverage for a conventional house or for renters. We understand the market for condos and co-ops owners and specialize in helping our clients with this type of coverage. There are a number of different ways your association may be set up. In order to figure out how much insurance coverage you need for your condo or co-op, you need to find out exactly what your association's master policy covers. Here are some questions to ask:

  • Does the association offer "bare walls" coverage, "single entity" coverage, or "all-inclusive" coverage?
  • Who insures things like garages, sidewalks, swimming pools, and other common areas?
  • Are you in an earthquake or flood zone?
  • What am I responsible for insuring? (e.g., If there is a leak in the roof and there is water damage inside my condo unit, whose coverage is used to fix the interior walls?)
  • How much is the association deductible?
  • Do I have replacement cost or actual cash value coverage for my possessions?

A condo or co-op policy generally covers the following:

  • Real Property
  • Personal Property
  • Loss Assessment
  • Additional Living Expense
  • Liability Coverage
  • Medical Payments

Other coverages for you to consider:

  • Valuable Items
  • Personal Excess Liability
  • Flood

To learn more about Condo & Co-op insurance, please contact one of our insurance specialists today at 631-615-8539.

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