Condo Insurance

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.

• Your Own Insurance Policy This provides coverage for your personal possessions, structural improvements to your condo and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also need liability protection.
• A “Master Policy” Provided By The Condo/Co-Op Board This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.

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:

• Unit Assessment This reimburses you for your share of an assessment charged to all unit owners as a result of a covered loss. For instance, if there is a fire in the lobby, all the unit owners may be charged the cost of repairing the loss.
• Water Back-Up This insures your property for damage by the back-up of sewers or drains. Water back-up may not always be included in a policy; yet it is the most common claim. Check to see that it is included. If not, contact us.
• Umbrella Liability This is an inexpensive way to get more liability protection and broader coverage than is included in a standard condo/co-op policy. Learn more about Umbrella Insurance policies on our site.
• Flood Or Earthquake If you live in an area prone to these disasters, you will need to purchase separate flood and earthquake policies. Please read more about Flood Insurance and Earthquake Insurance on our site.
• Floater Or Endorsement If you own expensive jewelry, furs or collectibles, you should consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard policy.

Let us help you assess your insurance needs to protect your condo and its possessions. Contact us today!