Co-op or condo insurance
Both co-op and condo need protection of its investments in your house. You need to have insurance that will do that. You might be required to have more insurance on you to cover your favorite, special and most valuable items in the house. Liability or fees may be charged to you regarding shared areas of the building like the lobby, for example.
There are two types of policies to consider:
The policy you own:
This policy includes your personal belongings, enhances to the flat you live in and “extra” payments that you need to make resulted from the fire, theft or any sort of disaster.
A "master policy" provided by the condo/co-op board.
This policy covers the areas you have to share with others. Such examples are: the roof, basement, elevator, boiler and walkways. You can be insured from any physical damage and liability. We recommend you to talk to your condo organization to find out which parts of the house are covered. This was you can insure your house in the right manner.
At times it happens so that the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures. The owner in such case is responsible for the additional implements he introduces to the house. 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 and so on.
We want to inform you about another coverage that you might need to know about:
Device estimation - If you became the victim of the fire in the lobby, you have to know that everybody sharing the lobby is due to find the solution.
Water back-up - This means your property is covered from damage caused by the back-up of sewers or drains. Water back-up may not always be included in a policy. You can find the details on our site.
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.
Flood or earthquake - If you live in the dangerous areas with the possible flooding or earthquake situations, you need to purchase special flood and earthquake policies.
Floater or endorsement - If you own expensive jewelry, furs or collectibles, you might consider getting additional coverage as the standard policy only covers 2000 dollars worth of jewelry and etc.
It is necessary to stay focused on what you truly need while choosing your home insurance company. Don’t forget you can always ask about the discount and ways to obtain them. We want to assure you that getting a good deal is not hard but you have to research on it. Sometimes it takes more than 1 week but the result may be totally satisfactory.