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.