If you have purchased a condo or co-op, the bank will require insurance to protect its investment in your home. You may also need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building like the lobby.
You will need two separate policies to protect your investment.
To adequately insure your residence, it is important to know which structural parts of your home are covered by the condo/co-op association, and which are not. Sometimes the association is responsible for insuring individual condos or co-op units, as they were originally built, including standard fixtures. The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but also those made by previous owners. In other situations, the condo/co-op association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures, etc. Be sure to read the association's by-laws and your lease to determine what insurance you should purchase.
Also ask us about the following additional coverages:
Let us help you assess your insurance needs to protect your condo and its possessions. Contact us today!
Have a question about condo insurance? Fill out the form below and we will get back to you within 24 business hours.
Earthquake Protection For Condominiums
Click here to view our brochure about earthquake protection for your condominium.
Corrin Blogs Insurance
Always ahead of what’s going on in the insurance industry, Corrin Trowbridge makes insurance interesting and easy to read.
Additional Coverage For Renters & Homeowners
Expanded Coverage With Umbrella Coverage
Or, be sure to read about Umbrella Coverage. With a Personal Umbrella policy, you'll have additional liability limits over and above those provided by your underlying policies. Your assets, as well as your future earnings, are covered.
Discounts and Savings
You can get discounts for improvements to your home; car and home insurance policyholders can save on both policies with built-in discounts for bundling insurance, and non-smokers can get a homeowner's insurance discount, too. Contact us to learn more.
Forms and Phone Numbers
Insurance Brochures and Tipsheets