New York City Condo Insurance

Condo Insurance is a type of insurance that is specifically designed to fit the needs of condo and co-op unit owners. These owners have a unique set of needs that can only be properly covered by an insurance policy that is specifically tailored for this type of ownership. It should also be pointed out that the master policy that the association or board takes out is strictly for the benefit of the complex, not the unit owner.

A common misconception among both condo and co-op owners is that the insurance which covers their building also covers the unit owner. This is not the case. Condo and co-op owners should first review their association’s master insurance policy to find out what that policy covers, and what it doesn’t. In most cases, that building insurance policy will cover common areas such as the hallways, roof, basement, elevator, boiler, and common walkways, for both liability and physical damage. It does not, however cover the unit owner  for personal property inside the unit and for any additions or alterations made to the original structure.

After determining how much of the building that you are responsible for insuring, you will be able to figure out the amount of additional coverage that you will need for your unit. Anything that is not covered by the association’s master policy should be covered by your condo insurance nyc policy, as well as any improvements that you have made to the property. Consulting a qualified insurance agent is the absolute best way to determine the right coverage for you on your specific insurance policy.

New York City Condo Insurance Quote

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