Condo Insurance or Co-op Insurance can be a complicated issue -more so than your typical homeowner insurance policy. While you have an association policy that covers the building itself, you also need a separate policy to ensure your valuables inside your unit are covered.

There are two separate policies to protect your condo or co-op.

Your own insurance policy provides coverage for your personal possessions, upgrades to your apartment and additional living expenses if you are relocated due to fire, theft, or any disaster listed within your policy. This policy would also provide liability protection.

A “Master Policy” provided by the condo or co-op board that covers the common areas that you share with others in your building like the roof, basement, elevator, walkways for liability and physical damage.

Unit Assessment reimburses you for your share of costs that are charged to all unit owners in the event of a covered loss.

Water backup insures the property from damage caused by drains or backed up sewers. This protection may be included in your policy and not as an additional coverage.

Umbrella Liability is a cost effective way to get additional liability protection and broader coverage than is normally included in a standard condo policy or co-op policy.

Flood or Earthquake coverage may be an important additional coverage depending on your location. Flood insurance is available through FEMA’s National Flood Insurance Program. Ask us about more information on flood insurance and earthquake insurance.