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