Condo Insurance
Many condo and co-op unit owners mistakenly assume that their building’s master insurance policy covers them fully — and that can lead to big problems. In addition to securing your own insurance coverage, you need to be aware of any changes to your association’s master policy, so you can avoid coverage gaps.
Also, if you or the prior owner of your condo or co-op installed permanent upgrades, such as wall coverings or cabinetry, or renovated the kitchen or bathroom, you may no longer be covered by your association’s insurance policy.
When buying into a newly constructed building, you need to consult with the contractor about potential renovation costs.
Loss assessment coverage: You’re covered when the association’s insurance policy doesn’t cover the total cost of damage to common areas or when a lawsuit is brought against the association.
Personal property coverage: Protect your contents against loss, both on and off the premises.
Valuable articles coverage: Get coverage for loss or theft of jewelry, art and other valuable items.
Liability coverage: Protect yourself against costly liability lawsuits arising from such occurrences as accidental water damage to a neighbor’s unit or someone slipping and falling in your condo.
Comprehensive personal liability coverage: This provides important protection if you or your family are sued.